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Oil prices jumped more than 2% on Monday to a six-month high amid heightened concerns about global supply shortages following the announcement by the United States of further pressure on Iranian oil exports.
Washington said it would lift its exemption from buying Iranian oil from eight economies in May without sanctions from the United States.
"Geopolitical risk premiums have largely returned to the oil market," said John Kilduff, a partner at Again Capital LLC in New York. "If not all, most legitimate businesses will avoid buying Iranian oil," he said. Iran's oil supply will be reduced to a trickle.
Brandt oil futures rose $2.07, or 2.88%, to close at $74.04 a barrel. The daily high of crude oil, an international indicator, was $74.52 a barrel, the highest level since November 1 last year.
U.S. crude oil futures climbed $1.70, or 2.66%, to close at $65.70 a barrel. The contract touched $65.92 a barrel, the highest since October 31.
Last November, the United States again imposed sanctions on Iranian oil exports, but exempted eight major Iranian buyers: China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece. They are allowed to continue to make limited purchases within six months.


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