Market concerned about reduced supply, oil price at 6-month high
Iran threatens to close key waterway for oil tankers
White House says working with Saudi Arabia, UAE to ensure supply
Washington | The United States has demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues which sent crude prices to six-month highs on fears of a potential supply crunch.
The Trump administration on Monday (Tuesday AEST) said it will not renew exemptions granted last year, a more stringent than expected decision that caught several key importers who have been pleading with Washington to continue buying Iranian oil sanctions-free.
