Iran Squeeze Pushes Oil to 2019 High

Written by Staff Writer

oil 3629119 640Oil hits 2019 high on U.S. plan to tighten squeeze on Iran -Reuters
"Oil topped $74 a barrel on Monday, the highest since November, as the United States announced a further clampdown on Iranian oil exports, raising concern of tighter global supplies. The United States on Monday said it will eliminate in May all waivers granted to eight economies allowing them to buy Iranian oil without facing U.S. sanctions, as it ratcheted up pressure to choke off Iran's oil income.

'This does bring a lot more uncertainty in terms of global supplies,' said Olivier Jakob, analyst at Petromatrix. 'It is a bullish surprise for the market.'....Secretary of State Mike Pompeo on Monday reiterated that Washington's goal was to bring down exports of Iranian oil to zero and added the United States had no plans to give any grace period beyond May 1 for countries to comply....An end to the exemptions would hit Asian buyers hardest. Iran's biggest oil customers are China and India, both of which have been lobbying for an extension to the sanction waivers."