Oil Prices Climb More than 2% and Brent
Crude Settles at US $74.04
April 23,
2019
Oil prices jumped more than 2% on Monday to a near six-month
high, on growing concern about tight global supplies after the
United States announced a further clampdown on Iranian oil
exports.
Washington said it will eliminate in May all waivers allowing
eight economies to buy Iranian oil without facing U.S.
sanctions.
Brent crude futures rose $2.07, or 2.88 percent, to settle at
$74.04 a barrel. The session high of $74.52 a barrel for the
international benchmark was the highest since Nov. 1.
U.S. West Texas Intermediate crude futures climbed $1.70, or
2.66 percent, to settle at $65.70 a barrel. The contract hit
$65.92 a barrel, the highest since Oct. 31.
In November the United States reimposed sanctions on exports of
Iranian oil but granted waivers to Iran’s eight main buyers:
China, India, Japan, South Korea, Taiwan, Turkey, Italy and
Greece. They were allowed to keep making limited purchases for
six months.
U.S. Secretary of State Mike Pompeo reiterated that Washington’s
goal was to bring down exports of Iranian oil to zero and said
there were no plans for a grace period beyond May 1.
U.S. officials are seeking ways to prevent Iran from
circumventing oil sanctions, a senior administration official
said.
Iran said the decision not to renew the waivers has “no value”
but Tehran was in touch with European partners and neighbors and
would “act accordingly,” Iranian news agencies reported, citing
the Foreign Ministry.
(Reuters)
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