Oil prices rallied by about 3% today to their highest since late 2018
SINGAPORE — as the United States was set to announce that all imports of Iranian oil must end or be subject to sanctions.
News that the United States is preparing to announce on Monday that current buyers of Iranian oil would no longer be given waivers to current sanctions was first reported on Sunday by Washington Post foreign policy and national security columnist Josh Rogin. The U.S. put the sanctions back on Iranian oil exports after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers.
Iran’s biggest oil customers are China and India, who have both been lobbying for extensions to sanction waivers.
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