- 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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