Oil Prices Spike Over 2% Amid Reports About US Plans To End Iran Oil Waivers

(@FahadShabbir)

Oil Prices Spike Over 2% Amid Reports About US Plans to End Iran Oil Waivers

Oil prices spiked by over 2 percent on Monday amid reports that the United States prepares to announce that all buyers of Iranian oil need to end imports or face sanctions

MOSCOW (UrduPoint News / Sputnik - 22nd April, 2019) Oil prices spiked by over 2 percent on Monday amid reports that the United States prepares to announce that all buyers of Iranian oil need to end imports or face sanctions.

As of 10 a.m. Moscow time (07:00 GMT), Brent crude oil futures rose by as much as 2.7 percent to $73.9 per barrel, which is the highest price since November 1, 2018. US West Texas Intermediate (WTI) futures climbed 2.4 percent to $65.6 per barrel.

On Sunday, The Washington Post newspaper reported that the US Department of State would announce that starting from May 2, Washington will no longer grant any sanctions waivers enabling countries importing Iranian oil to continue doing so.

US President Donald Trump announced last May Washington's withdrawal from the Iran nuclear deal.

This triggered the re-imposition of sanctions against Iran, previously lifted under the agreement. Two rounds of sanctions have been reintroduced since then, including large-scale restrictions covering oil exports from Iran to other countries.

In early November 2018, Washington granted six-month waivers from oil sanctions on Tehran, to eight countries dependent on Iranian energy imports � Greece, Italy, Taiwan, China, India, Turkey, Japan and South Korea.

The United States wants all countries to eventually cut their oil imports from Iran to zero, which is likely to have a significant impact on the country, where oil exports serve as one of main sources of revenue for the state.