Oil in the spotlight, with WTI futures shooting up over 2% on reports U.S. will end sanction waivers for countries importing Iran oil.
Oil prices surged on Monday amid reports the U.S. will announce the end of waivers for countries to import Iranian oil, as part of a bid by the Trump administration to push Iran’s exports to zero.
On Sunday, the Washington Post reported that the U.S. will announce on Monday that buyers of Iran’s oil must end those imports or suffer U.S. sanctions, citing State Department officials. That was followed up by a similar report in The Wall Street Journal. “Predictably oil prices are rising, but this leads into the broader question, given the tenuous relationship between Saudi Arabia and Iran, not to mention the signs of aggression emanating out of Washington. Are we going to see the Middle East powder keg explode again?” commented Stephen Innes, managing partner and head of trading at SPI Asset Management.
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