[IMG] US crude surges 3.6%, settling at $70.53, after State Dept...

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.

https://www.cnbc.com/2018/06/26/oil...ept-orders-buyers-to-cut-iranian-imports.html