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US tightens grip on Iran as oil price surges

The US announced Monday that sanctions will be imposed on all countries buying oil from Iran, thus canceling prior exemptions for the eight largest buyers.

Photo: Ritzau Scanpix/Morteza Nikoubazl

Tuesday's oil price approaches this year's highest level, following the US' announcement that it will cancel all exemptions granted to countries buying Iranian oil before May, Reuters reports.

One barrel of Brent costs USD 74.31 against USD 71.53 Wednesday afternoon. At the same times, US WTI crude trades for USD 65.85 compared to USD 63.93.

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