SINGAPORE: Oil rose to the highest level in almost six months as the US government was said to eliminate sanction waivers that allowed buyers to import Iranian crude.
Futures in London jumped as much as 3.3% to the highest intraday price since early November. Secretary of State Mike Pompeo will deliver the decision that no waivers from sanctions will be renewed to importers of Iranian oil, according to four people familiar with the matter. The US will also announce offsets through commitments from other suppliers such as Saudi Arabia and the United Arab Emirates.
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