Oil prices surged on Monday following reports that Washington will stop giving sanctions waivers to countries that import Iranian crude or condensate.
Mike Pompeo, US secretary of state, will on Monday announce a move to end waivers when they expire in early May, a US official told the Financial Times, in the latest effort by Donald Trump’s administration to ratchet up pressure on Iran.
The move sparked a rally in oil prices. Global benchmark Brent crude jumped 2.5 per cent in Asia trading to $73.77, its highest since November. West Texas Intermediate, the US price, rose 2.1 per cent to $65.39, also near a six month high.
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