U.S. prepares to end Iran oil waivers; Asian buyers to be hardest hit

[Eugene]

Source: Reuters

WORLD NEWS APRIL 21, 2019 / 7:38 PM / UPDATED AN HOUR AGO

U.S. prepares to end Iran oil waivers; Asian buyers to be hardest hit

Susan Cornwell, Henning Gloystein
6 MIN READ

WASHINGTON/SINGAPORE (Reuters) - The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest for 2019 so far.

Officials in Asia opposed the expected move, pointing to tight market conditions and high fuel prices that were harming industry.

The source confirmed a report by the Washington Post that the administration will terminate the sanctions waivers it granted to some importers of Iranian oil late last year.

Benchmark Brent crude oil futures rose by as much as 3.2 percent to $74.31 a barrel, the highest since Nov. 1, in early trading on Monday in reaction to expectations of tightening supply. U.S. West Texas Intermediate (WTI) futures climbed as much as 3 percent to $65.87 a barrel, its highest since Oct. 30.

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Read more: https://www.reuters.com/article/us-usa-iran-oil/u-s-prepares-to-end-iran-oil-waivers-asian-buyers-to-be-hardest-hit-idUSKCN1RX0R1

[watoos]

1. Saudi Arabia and Russia toed the line for Trump

and gave Trump a talking point, low gas prices. SA and Russia have waited as long as they can, they are calling in their chips. Bye Bye low gasoline prices. $2.95 in central Pa. and climbing.