Oil Rises After Washington Post Reports Iran Oil Sanctions to Tighten

By Douglas A. McIntyre Updated Jan 6, 5:13AM EST · Published Apr 25, 5:14PM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Oil Rises After Washington Post Reports Iran Oil Sanctions to Tighten — © Hybrid Images / Getty Images

[cnxvideo id=”769825″ placement=”prodege”]Eight nations will be allowed to import oil from Iran under new U.S. section rules against the country, but waivers will end for all others. The Washington Post reports the change. Oil is feeling pressure from the rumors. Crude rose 2.4% today to $65.51 a barrel.

The report said that U.S. allies South Korea, Japan and India will not be affected. That raises the question of how much the waivers really will hurt Iran because the level at which these nations use crude.

The Post reports:

The United States will allow eight countries to temporarily keep importing Iranian oil after sanctions are reimposed next week, when it will blacklist hundreds of companies and individuals, U.S. officials said Friday.

Secretary of State Mike Pompeo said the administration decided to grant the eight waivers on oil sanctions, which will be reimposed Monday, because those countries pledged to continue slashing their oil purchases from Iran. Six countries agreed to “greatly reduced” levels of oil purchases, he said, and two said they would soon end their imports of Iranian oil.

“Some of these will take a few months to get to zero,” he told reporters in a conference call on the reimposition of sanctions. “We will give them a little longer to wind down. Weeks.”

CNBC added:

Oil prices spiked by more than 3 percent on Monday — past highs not seen since November 2018 — after reports that Washington is set to announce that all buyers of Iranian oil will have to end imports, or be subject to U.S. sanctions.

Brent crude futures surged more than 3 percent to over $74 per barrel on Monday morning during Asia hours, while U.S. crude futures rose around 2.33 percent to $65.49 per barrel.

[recirclink id=541923]
[wallst_email_signup]

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.