Oil prices jumped on Monday as the United States looked set to announce that all...
SINGAPORE - 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.
U.S. West Texas Intermediate crude futures climbed by as much as 2.9 percent to $65.87 per barrel, the most since Oct. 31. They were at $65.41 at 0647 GMT, up 2.2 percent from their previous settlement. A person familiar with the situation confirmed to Reuters that the report was accurate, although a State Department spokesman declined to comment.
The United States put the sanctions back on Iranian oil exports after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Iran’s biggest oil customers are China and India, who have both been lobbying for extensions to sanction waivers.
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