President Donald Trump gives a thumbs up while holding an umbrella in the rain as he arrives at Dallas Love Field aboard Air Force One to address the National Rifle Association Convention in Dallas, Texas U.S., May 4, 2018.

Carlos Barria | Reuters

President Donald Trump gives a thumbs up while holding an umbrella in the rain as he arrives at Dallas Love Field aboard Air Force One to address the National Rifle Association Convention in Dallas, Texas U.S., May 4, 2018.

Most analysts predict the impact on Iranian crude supply later this year will be more limited, especially in comparison to Obama’s 2012 sanctions — they say Trump could reduce Iran’s oil shipments by 300,000 to 500,000 bpd, far short of the 1 million to 1.5 million bpd that were cut from the market six years ago.

OPEC, Russia and several other allied producers have spearheaded an ongoing effort to try to clear a global supply overhang and prop up prices. The agreement, which came into effect in January 2017, has already been extended through until the end of this year — with producers scheduled to meet in June to review policy.

“Is OPEC, possibly together with its non-OPEC peers, going to fill the void potentially left in global supply by Iran? Time will tell and until then, all that is certain is volatility,” Tamas Varga, analyst at PVM Oil Associates, said in a research note published Monday.

— CNBC’s Natasha Turak contributed to this report.

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