From the Liveblog of
Tuesday, April 23, 2019
US move to end Iran exemptions sending oil prices higher
Add ToI as a Preferred Source on GoogleGlobal oil prices are climbing in the wake of the US move to impose sanctions on countries that buy Iranian oil.
And analysts say prices could keep heading higher.
The US announced the sanctions last year to push Iranian leaders to renegotiate an agreement aimed at keeping them from developing nuclear weapons. But some countries got temporary waivers that allowed them to import Iranian oil. The US now says those waivers expire May 2.
Among those affected are China, India, Japan, South Korea and Turkey. US Secretary of State Mike Pompeo said yesterday the US is counting on ally Saudi Arabia to ensure sufficient supply.
New York Mercantile Exchange has risen 10 cents to $65.65 per barrel while international Brent crude rose 14 cents to $74.18 per barrel.
— AP
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