Oil rises by 2% as US ends sanction waiver on Iranian oil
- FX Market
- 1 month ago
The U.S. will end waivers on sanctions to purchasers of Iranian oil as of today.
China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece will therefore cease their dealings with Tehran.
The news sparked a 2% rise in oil prices as Brent futures climbed 2.5% to $73.77 per barrel while U.S. WTI crude futures increased by 2.2% to $65.39 per barrel.
It is the highest levels since November 2018.
Trump has been clear to his national security team over the last few weeks that he wants the waivers to end, and National Security Adviser John Bolton has been working the issue within the administration.
In November, the U.S. reimposed sanctions on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers.
However, the U.S. allowed Iran’s eight main buyers of oil waivers to the sanctions that enabled them limited purchases for six months.
Source: Smart Trend Team