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Oil prices soar to 6-month highs as US ends waivers for Iran oil imports

by ChemOrbis Editorial Team -
  • 23/04/2019 (09:22)
Oil prices soared to their highest levels in nearly six months on Monday after the US administration announced that it would not to reissue sanction waivers for countries importing oil from Iran when they expire in early May.

The US administration stated that the latest move was intended to bring Iran’s oil exports to zero, denying the country its principal source of revenue.

In light of the news, West Texas Intermediate crude for May delivery soared $1.70 to settle at $65.70/bbl on the New York Mercantile Exchange while Brent crude oil for June delivery surged $2.07 to $74.04/bbl on April 22.

This marked the highest settlements since late October 2018 for both global oil benchmarks.

Both WTI and Brent have soared by more than 30% since the start of this year, supported by the ongoing production cuts from the Organization of the Petroleum Exporting Countries (OPEC).
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