Oil prices climb as U.S. set to end Iran sanction waivers

Oil prices climb as U.S. set to end Iran sanction waivers
  • Clock-gray 11:48
  • calendar-gray 22 April 2019

Oil prices jumped on Monday as the United States looked set to announce that all buyers of Iranian oil must end their imports or be subject to sanctions, ONAreports citing Reuters.

Brent crude futures rose as much as 3.3 percent to $74.31 a barrel, the highest since November 1.

U.S. West Texas Intermediate (WTI) crude futures climbed by as much as 2.9 percent to $65.87 per barrel, the most since October 31. 

News that the United States is preparing to announce on Monday that current buyers of Iranian oil would no longer be given waivers to sanctions was first reported on Sunday by the Washington Post.

Secretary of State Mike Pompeo will announce “that, as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate”, a columnist for the newspaper said, citing two State Department officials that he did not name.

A person familiar with the situation confirmed to Reuters that the report was accurate, although a State Department spokesman declined to comment.

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