Iran’s rulers are feeling the heat. The Islamic Republic was forced to prop up its currency on Jan. 4, just days after the U.S. imposed tough new sanctions to goad it into abandoning its nuclear weapons program. A European curb on Iranian crude imports would add to pressure on Tehran ahead of elections in March.
Iran’s nuclear ambitions are a problem. But more sanctions may not be a solution. If China doesn’t co-operate, they may just end up distorting oil markets.