Oil at highest level in five months
Before the reimposition of sanctions, Iran was the fourth-largest producer among Opec at about three-million barrels per day, but April exports have shrunk to below one-million bpd
London — Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply. Despite the move, spare capacity from other suppliers such as Saudi Arabia might be able to ensure oil markets cope with a cut in Iranian exports. Brent crude futures were at $74.67 per barrel at 8.55am GMT, up 63 US cents or 0.85% from their last close, after hitting their highest level since November at $74.70. US West Texas Intermediate crude futures marked their strongest since October 2018 at $66.14 per barrel, up 59c or 0.9% from their previous settlement. The US on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes. Before the reimposition of sanctions in 2018, Iran ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.