US to end all waivers on imports of Iranian oil, crude price jumps

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues which sent crude prices to six-month highs on fears of a potential supply crunch.[WASHINGTON] The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues which sent crude prices to six-month highs on fears of a potential supply crunch.

Tehran remained defiant, saying it was prepared for the end of waivers, while the Revolutionary Guards repeated a threat to close the Strait of Hormuz, a major oil shipment channel in the Gulf, Iranian media reported.The White House said it was working with top oil exporters Saudi Arabia and the United Arab Emirates to ensure the market was"adequately supplied.

A senior administration official said President Donald Trump was confident Saudi Arabia and the United Arab Emirates will fulfill their pledges to compensate for the shortfall in the oil market. US Assistant Secretary of State for Energy Resources Frank Fannon said Riyadh was taking"active steps" to ensure global oil markets were well supplied.

The international Brent crude oil benchmark rose to more than US$74 a barrel on Monday, the highest since November, due to the uncertainty surrounding increased supply from Saudi Arabia and other Opec nations, while US prices hit a peak of US$65.92 a barrel, the highest since October 2018. "One thing that has clearly been going on inside the administration is a debate about when they should get to zero," said Rosenberg.

Geng Shuang, a Chinese Foreign Ministry spokesman, said at a daily news briefing in Beijing on Monday that it opposed unilateral US sanctions against Iran and that China's bilateral cooperation with Iran was in accordance with the law.

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