The United States is expected to announce on Monday that all buyers of Iranian oil will have to end their imports shortly or face sanctions, a source familiar with the situation told Reuters, triggering about a 3 percent rise in crude prices.
The source confirmed a report by a Washington Post columnist that the administration will terminate the sanctions waivers it granted to some importers of Iranian oil late last year.
Global benchmark Brent crude oil futures rose by as much as 3.2 percent to $74.30 a barrel, the highest since Nov. 1, in early Asian trading on Monday in reaction to expectations of tightening supply. US West Texas Intermediate futures climbed as much as 2.9 percent to $65.87 a barrel, its highest since Oct. 30.
