oil prices

WARMHUT

Crude oil prices surged on Monday, finishing the session at their highest levels this year after the Trump administration revoked waivers meant to facilitate the free flow of Iranian oil to U.S. allies.

On Monday, the U.S. moved to block eight major crude consumers, including India and China, from importing crude from Iran, which pumps nearly 4 million barrels per day (bpd).

, O% Q+ `. e8 |6 O/ k: J1 JThe decision, announced on Monday by Secretary of State Mike Pompeo, is designed to completely close the spigot on Iranian oil. However, the practical effect tightening the screws on a beleaguered Iranian economy— and removes needed supply from global oil markets, where prices have been spiking recently.

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Beijing slammed the US administration's announcement, saying it "opposes the unilateral sanctions."
South Korean officials told CNN that they have struggled to comply with US sanctions because the country's oil refineries are specifically setup to process crude oil from Iran.
" \! R/ W% G8 mTurkey's Foreign Minister Mevlut Cavusoglu said on Twitter that "Turkey rejects unilateral sanctions and impositions on how to conduct relations with neighbors."
6 r8 V) b- J  u; D# R3 HCountries that don't abide by the requirement could face harsh consequences.
"Economic sanctions from the US could damage their trade flows, ability to access global financial markets and ultimately their currencies and economies," said Russ Mould, investment director at AJ Bell.