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Oil prices soar after Trump tightens his squeeze on Iran, while Tehran threatens to close one of the world’s most important shipping lanes in retaliation

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  • Oil prices jumped to a six-month high on Tuesday after the US government decided not to renew waivers for buyers of Iranian crude after they expire in May, according to Bloomberg.
  • Nations such as China, India, and Turkey will face sanctions if they continue purchasing oil from OPEC’s fourth-largest producer after May 1.
  • RBC Capital Markets anticipates a loss of 700,000 to 800,000 barrels per day without the waivers.
  • In retaliation, Iran has threatened to close the Strait of Hormuz, a crucial shipping lane in the global oil trade, and the only seaborne route out of the Persian Gulf.
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    Source:: BusinessInsider.Com