Risk: Escalation in the Gulf - Will Iran crumble under the US maximum pressure campaign?

More than a year after US President Donald Trump withdrew from the multilateral Iran nuclear deal, the Opec member's oil exports have hit historic lows. Official crude sales have slumped below 200,000 barrels per day from above 2 million b/d in the first half of 2018, as the country's traditional customers have largely stopped lifting to abide with US sanctions, piling more pressure on Tehran at a time when tensions with Washington are escalating. The US has blamed tanker attacks near the Strait of Hormuz on the Islamic republic and is upping the ante after Iran downed a US spy drone that Tehran says entered its airspace, raising the prospect of direct military conflict. For now, Trump has said he prefers ratcheting up economic pressure on Tehran over a military strike, slapping new sanctions on the country, including on the supreme leader. With oil exports at historic lows and its economy reeling, Iran's back is against the wall. 

Hosted by: Amena Bakr, Senior Energy Correspondent and Oliver Klaus, Dubai Bureau Chief