Oil prices rise on report U.S. will end all Iran oil sanction waivers

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SINGAPORE (Reuters) – Oil prices rose by 1 percent on Monday, with Brent hitting its highest level since November, driven up by a report the United States is preparing to announce that all imports of Iranian oil will have to end or be subject to sanctions.

FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada, July 21, 2014. REUTERS/Todd Korol/File Photo

Brent crude futures were at a November 2018 high of $72.70 per barrel at 0100 GMT, up 1 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $64.70 per barrel, up 1 percent from their previous settlement.

The United States is preparing to announce on Monday that all buyers of Iranian oil will have to end their imports shortly or be subject to U.S. sanctions, a Washington Post columnist reported on Sunday.

Reuters was unable to independently verify the report. A State Department spokesman declined to comment.

The U.S. reimposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers.

Washington, however, granted Iran’s eight main buyers of oil, mostly in Asia, waivers