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It's also worth noting that the EU disproportionately benefits from oil purchases from Iran relative to US so they have their own political self-interests factoring into their decision.

Oil is fungible. The EU only benefits disproportionately because the US refuses to do business with Iran.

Not exactly. There are varying costs to extracting and transporting oil depending on where it is sourced. It's estimated that American natural gas, for example, would be 20% more expensive than Russian natural gas through the Nordstream 2 pipeline -- even though natural gas is nominally fungible.

Furthermore, the US is net oil exporter in 2019 and Europe is notoriously dependent on imported oil due to lack of resources on the continent. Consequently, adding a large marginal foreign supplier has significantly different impacts on oil prices in the region.

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