Thursday, 18 July 2019 02:30 GMT
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Oil prices spike nearly 3 pct as U.S set to end Iran sanction waivers




(MENAFN) On Monday, oil prices rallied by about 3 percent to their highest since late past year as the U.S was prepared to proclaim that all imports of Iranian oil must end or be subject to sanctions.

Brent crude futures increased as much as 3.3 percent to USD74.31 a barrel, the highest since November 1, before easing back to USD73.82 by 0452 GMT, up 2.6 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures rose by at least 2.9 percent to USD65.87 per barrel, the most since October 31, and were at USD65.38 at 0452 GMT, up 2.6 percent from their previous close.

News that the United States is planning to proclaim on Monday that present purchasers of Iranian oil would no longer be granted waivers to recent sanctions was first reported on Sunday by Washington Post foreign policy and national security columnist Josh Rogin.

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Oil prices spike nearly 3 pct as U.S set to end Iran sanction waivers

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