European oil companies are engaged in a fierce competition for the best oil and gas fields in Iran when Western sanctions are lifted, while American energy firms watch from the sidelines.
Much of what’s holding American energy firms back are the still in place American sanctions that block US companies from such business. Nevertheless, American firms of any industry shouldn’t be doing business with Iran, even if it might become strictly legal. We shouldn’t be helping a terrorist nation-state that has as its sworn goal the extermination of Israel. Neither should anybody in the West, including those European oil companies.
On the other hand, such business by the Europeans can go a long way, if done right, toward reducing or eliminating European dependency on Russian oil and gas—and so to eliminating Russia’s ability to extort Europe.
That’s not all bad.