President Trump is expected to sign a sanctions bill targeting Russia and Iran, named in honor of the late Senator Lindsey Graham. This legislation includes high tariffs on imports of Russian oil and gas, which could lead to a significant rise in global energy prices. The bill requires final congressional passage before reaching Trump’s desk for signature. Markets anticipate that these sanctions would reduce the chances of a US-Iran deal in 2026, with a 26.5% probability for the inclusion of Iran Reconstruction Funding in such an agreement.
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