Oil prices soar to 6-month highs as US ends waivers for Iran oil imports
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).
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Global oil and petchem revenues hit by challenging market environment
- Tightness shapes expectations for Sept PVC pricing in Asia
- PP uptrend falters in Indonesia amid downstream resistance
- Will European PE market sustain uptrend following higher ethylene?
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?
- Import PE markets give softening signals in China, SE Asia