Oil hits 2019 high as US tightens sanctions squeeze on Iran - business live
(The Guardian Business News)

Brent crude heads towards $75 per barrel as US announces plans for a complete oil embargo on Iran.Introduction: Brent hits 2019 highWashington to end sanctions waivers for 10 countries, including India and ChinaFull story: US ending exemptions from oil sanctions 8.08am BST America´s goal is to impose a total oil embargo on Iran, explains my colleague Julian Borger.`Today I am announcing that we will no longer grant any exemptions,` Mike Pompeo, the secretary of state, said. `We´re going to zero. We will continue to enforce sanctions and monitor compliance. Any nation or entity interacting with Iran should do its diligence and err on the side of caution. The risks are simply not going to be worth the benefits.`Neither Pompeo nor senior state department officials would say whether sanctions would be immediately imposed on the affected countries on 3 May, if oil purchases continued. Related: US toughens stance on Iran, ending exemptions from oil sanctions 7.57am BST The sanctions squeeze on Iran has driven US crude oil over $66 per barrel for the first time since the start of November 2018.That mirrors the rise in Brent crude (sourced from the North Sea). Continue reading...