US crude surges 3.6%, settling at $70.53, after State Dept says oil buyers must cut Iranian imports to zero
Oil prices spiked after the State Department signaled the Trump administration will take a hardline approach to cutting off Iran's oil exports.
A State Department official told reporters the administration expects oil buyers to completely cut off purchases of Iranian supplies in early November.
Oil prices were already facing upward pressure due to declining production in Venezuela and elsewhere at a time of high global demand.
