Oil prices hit a six-month high after the White House decided not to renew waivers for Iranian crude buyers after they expire in May.
Oil prices jumped to a six-month high on Tuesday after the US government decided not to renew waivers for buyers of Iranian crude after they expire in May,Nations such as China, India, and Turkey will face sanctions if they continue purchasing oil from OPEC's fourth-largest producer after May 1.In retaliation, Iran has threatened to close the Strait of Hormuz, a crucial shipping lane in the global oil trade, and the only seaborne route out of the Persian Gulf.
. Those nations are set to face sanctions if they continue purchasing oil from OPEC's fourth-largest producer after May 1. RBC Capital Markets anticipates an output loss of 700,000 to 800,000 barrels a day after Trump removed the waivers, but Saudi Arabia has promised to help fill the supply gap. There's a"very real prospect of an abrupt spike in prices if there is not enough supply to fill the gap," said Neil Wilson, chief market analyst for markets.com.
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