The oil market has surged on the expectation that President Donald Trump will reimpose sanctions on Iran. No matter what Mr. Trump decides, oil bulls and other beneficiaries of higher prices shouldn’t get too confident.
The nearly 14% rally in Brent futures in the past month to around $75 a barrel is due in no small part to the view that he won’t prolong what he has dubbed “the worst deal ever.” But even new sanctions on Iran won’t necessarily remove a big chunk of oil supply.
...