Oil prices hit 2019 highs on Tuesday after Washington announced all Iran sanctio...
SINGAPORE - Oil prices hit 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.
Brent crude futures were at $74.58 per barrel at 0628 GMT, up 0.7 percent from their last close and their highest level since November 2018. Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries at around 3 million barrels per day , but April exports have shrunk to below 1 million bpd, according to ship tracking and analyst data in Refinitiv.
Barclays bank said in a note following the announcement that the decision took many market participants by surprise and that the move would “lead to a significant tightening of oil markets”. Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States “seem to expect” Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added “that this is not necessarily the way Saudi Arabia sees it”.
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