As expected President Trump has reimposed sanctions on Iran, effectively withdrawing the U.S. from the so-called “nuclear deal”. That’s led oil prices to rise above $70 per barrel for the first time since November 2014, pushing bunker fuel prices up 13% year-to-date and thereby squeezing earnings for shipping companies. The direct impact on U.S. trade should be minor, with total imports and exports reaching just $203 million in the 12 months to March 31. That was 16% lower than a year earlier, possibly in anticipation of sanctions. Exports rose 5%, led by soybeans and wood-pulp, which...