Oil prices spike as US insists all countries stop Iranian imports

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Posted on April 23, 2019, 1:45 pm
7 mins

Oil prices reached a six-month high Tuesday after the Trump administration announced it would no longer exempt countries from U.S. sanctions, if they continue to buy Iranian crude oil, a move aimed at imposing a complete oil embargo on Iran.

Waivers granted to eight countries, including big Iranian crude importers China, India, Japan, Turkey and South Korea, are due to expire on May 2.

RBC Capital Markets, a global investment bank, has told clients it anticipates a loss of 700,000 to 800,000 barrels of oil a day from markets as a consequence of the waivers-withdrawal.

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