Oil Prices Jump After Trump Ends Iran Waivers
For the first time in six months, the global benchmark broke $74 per barrel following the Trump administration’s announcement yesterday that it would end temporary waivers for countries to import oil from Iran. The measure was aimed at allowing those countries — including China, Turkey, Japan and South Korea — to wean themselves off Iranian crude without falling afoul of renewed American sanctions against Tehran.
What’s the long-term outlook? The U.S. attempt to further isolate Iran could lead to more uncertainty in an oil market already affected by precarious political circumstances in Venezuela, Libya and Nigeria.