NEW YORK: Crude leapt to its highest level in almost six months after the Trump administration said it will no longer give China, India and other major economies a pass on sanctions barring purchases of Iranian oil.
Futures rose as much as 3.5 per cent Monday in London to top $74 a barrel. US Secretary of State Mike Pompeo said no more waivers will be issued on sanctions aimed at isolating the Islamic Republic. In response, Iran threatened to shut the Strait of Hormuz, a key maritime chokepoint for Persian Gulf crude producers, and said it’s engaged in “intensive” talks with partners to blunt the impact of Trump’s escalation.
