Oil prices rallied by more than 2 percent on Monday to levels not seen since Nov...
SINGAPORE - Oil prices rallied by more than 2 percent on Monday to levels not seen since November 2018 as a Reuters source familiar with the matter confirmed a report that Washington is set to announce all imports of Iranian oil must end or be subject to sanctions.
U.S. West Texas Intermediate crude futures rose to a Nov. 2018 high of $65.39 per barrel, up 2.2 percent from their last close. The U.S. reimposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers.
“The U.S. chief Iran hawks indeed have the President’s ear as Pompeo and Bolton are singularly focused on bringing Iran’s economy to its knees,” said Stephen Innes, head of trading at SPI Asset Management.These potential disruption to Iranian supplies add to an already tight market.
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