The US imposed harsh sanctions on the Iranian energy industry in November 2018 following its withdrawal from the Iranian nuclear deal in May. However, Washington provided waivers to several states that were actively buying Iranian oil in order for them to be able to diversify their supply sources.
Prices on the key WTI and Brent crude oil blends have sharply increased amid reports of the looming end of sanctions waivers on countries that buy Iranian oil, a move that was officially confirmed on 22 April by the White House. WTI increased by 2.34% over the course of the day, with the price at one point reaching $65.92 per barrel, but later stabilised around $65.57.
Brent rose to $73.96 per barrel after gaining 2.
