The longest streak of consecutive declines in WTI crude futures ended Tuesday at 12 straight days, leaving the oil market wondering: what just happened?

Talk of $100 oil was on the lips of some analysts in early autumn. Then came October. WTI crude fell 10.8%, its biggest monthly percentage drop since July 2016. Nor did the losses end there.

The US renewal of sanctions against Iran, effective Monday, will keep the market’s focus on the the impact that Washington’s efforts to penalize Tehran are having on the global oil market.

There have already been significant shifts in flows. One example is Iran boosting crude exports to the Chinese port of Dalian where bonded tanks are located.