US plans to further tighten sanctions on Iranian oil exports in May increased oil prices on 22 April by almost 3%.

US Secretary of State Mike Pompeo announced on 22 April that the State Department would stop allowing some countries to import Iranian crude oil or condensate, a move that sent oil prices to 2019 highs.

Brent crude, the global benchmark, rose as much as 3.3% a barrel and was last up $1.98 to $73.95, Reuters reported. US West Texas Intermediate crude climbed by as much as 2.9% to $65.87, the highest since 31 October. WTI was up $1.48 to $65.48 a barrel.

Another drop in Iranian exports would further squeeze global oil supply. The crisis in Venezuela and oil supply cuts agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries led by Russia have already tightened the oil market.

 

Full article available: https://www.neweurope.eu/article/us-plans-to-tighten-sanctions-against-iran-boost-oil-prices/

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