US Enjoys a Rare Moment of Oil Supremacy in Iran: Javier Blas

Few noticed earlier this month, but there was a symbolic crack in the world’s geopolitical map. Everyone’s attention at that point was on the nuclear talks between Tehran and Washington. In the oil market, some looked at a major shift: For just a week in early June, the US didn’t import a single barrel of Saudi crude — a feat only seen once before in half a century.

The timing couldn’t be more fortuitous. On June 9, US President Donald Trump received a fateful call from Israeli Prime Minister Benjamin Netanyahu saying war against Iran was imminent.

Since the first oil crisis in 1973-1974, generations of American ...