The United States is expected to announce on Monday that all importers of Iranian oil will have to end their imports shortly or be subject to U.S. sanctions, a source familiar with the situation told Reuters.
The source confirmed a report by a Washington Post columnist that the administration will terminate the sanctions waivers it had granted to some importers of Iranian oil late last year.
The U.S. reimposed sanctions in November on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East.
Along with sanctions, Washington has also granted waivers to eight economies that had reduced their purchases of Iranian oil, allowing them to continue buying it without incurring sanctions for six more months. They were China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.
Brent crude futures rose to a November 2018 high of $73.77 per barrel around 0220 GMT on Monday, up 2.5% from their last close.
U.S. West Texas Intermediate (WTI) crude futures rose to a Nov. 2018 high of $65.39 per barrel, up 2.2% from their last close.