Trump's renewed economic sanctions on Iran heightens risks for global oil prices and U.S. consumer spending

The resumption of what Trump called the “highest level of economic sanctions” against Iran will take place over the next several months. But regulatory uncertainty could cause some importers of Iranian oil to cut shipments immediately, particularly allies such as Japan and South Korea, said Paul Sheldon, chief geopolitical advisor at S&P Global Platts Analytics, an energy research firm.