Oil prices hovered near 2019 peaks in early trading on Tuesday after Washington ...
SINGAPORE - Oil prices hovered near 2019 peaks in early trading on Tuesday after Washington abruptly moved to end all Iran sanctions waivers by May, pressuring importers to stop buying from Tehran.
U.S. West Texas Intermediate crude futures were at $65.79 per barrel, up 0.4 percent from their previous settlement, and also just a notch below their $65.92 2019 peak from Monday. Barclay’s bank said in a note following the announcement that the decision took many market participants by surprise and that the move would “lead to a significant tightening of oil markets”.
The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela’s oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices.
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