Oil prices soar on fears about Iran sanctions

Oil prices soar on fears about Iran sanctions

Oil prices jumped more than 2% in the previous session, hitting their highest level this year amid intensifying concern about global supplies after the U.S. announced a further clampdown on Iran’s oil exports.

International benchmark Brent crude traded at $74.40 this morning, up around 0.5%, while U.S. West Texas Intermediate (WTI) stood at $65.93, almost 0.6% higher, CNBC reported.

The U.S. said yesterday that from May 1, it would eliminate all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions. These eight economies that were initially allowed to continue buying Iranian crude without facing penalties include: China, India, Japan, Turkey, Italy, Greece, South Korea and Taiwan.

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