Oil prices jump more than 2% as US set to end Iran import sanction waivers

Oil prices rallied by more than 2 per cent on Monday to levels not seen since November 2018 as a Reuters source familiar with the matter confirmed a report that Washington is set to announce all imports of Iranian oil must end or be subject to sanctions.

Brent crude futures rose to a November 2018 of $73.77 per barrel around 0220 GMT on Monday, up 2.5 per cent from their last close. US West Texas Intermediate (WTI) crude futures rose to a Nov. 2018 high of $65.39 per barrel, up 2.2 per cent from their last close.

News that the United States is preparing to announce on Monday that all buyers of Iranian oil will have to end their imports shortly, or be subject to US sanctions, was first reported on Sunday by Washington Post foreign policy and national security columnist Josh Rogin.