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Oil prices jump more than 2 percent as U.S. set to end Iran import sanction waivers
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Oil prices climb as U.S. set to end Iran sanction waivers
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. Brent crude futures rose as much as 3.3 percent to $74.31 a barrel, the highest since Nov. 1, before easing back to $73.62 by 0647 GMT, which was still up 2.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures climbed by as much as 2.9 percent to $65.87 per barrel, the most since Oct. 31.
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Oil prices soar by about 3 percent as U.S. plans end to Iran sanction waivers
Oil prices rallied by about 3 percent on Monday to their highest since late 2018 as the United States was set to announce that all imports of Iranian oil must end or be subject to sanctions. News that the United States is preparing to announce on Monday that current buyers of Iranian oil would no longer be given waivers to current sanctions was first reported on Sunday by Washington Post foreign policy and national security columnist Josh Rogin. 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', Rogin said, citing two State Department officials that he did not name.
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Oil hits 2019 high on U.S. plan to tighten squeeze on Iran
Oil topped $74 a barrel on Monday, the highest since November, with the United States set to announce a further clampdown on Iranian oil exports, tightening global supplies. The United States is expected to say later on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation said, confirming an earlier Washington Post report. 'This does bring a lot more uncertainty in terms of global supplies,' said Olivier Jakob, analyst at Petromatrix.
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Oil prices jump more than 2 percent as U.S. set to end Iran import sanction waivers
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 (WTI) crude futures rose to a Nov. 2018 high of $65.39 per barrel, up 2.2 percent from their last close. News that the United States is preparing to announce on Monday that all buyers of Iranian oil will have to end their imports shortly, or be subject to U.S. sanctions, was first reported on Sunday by Washington Post foreign policy and national security columnist Josh Rogin.
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