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'Oil prices rose on Wednesday, pushed up by supply disruptions in Libya and Canada and after US officials said all countries should stop Iranian crude imports from November,' wrote Reuters.
Brent crude rose 29 cents, or 0.4 percent, from its last close. US West Texas Intermediate (WTI) crude reached 70.79 dollars a barrel, which showed a 26-cent, or 0.3-percent rise.
A senior official of the US State Department said on Tuesday that the United States has told countries to cut oil imports from Iranian to zero from November.
“Oil prices were flying higher overnight after catching an updraft from the US administration calling for allies to cut Iran imports to zero tolerance,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA.
On May 8, affronting the UN Security Council, the EU, Britain, Russia, China, Germany, France, and the whole world that have supported the landmark Iran Deal, US President Donald Trump decided to pull out of the Joint Comprehensive Plan of Action (JCPOA), which was the fruit of 12 years of strenuous efforts and talks.
The US illegal sanction on Iran will be re-implemented partly in 90 days and partly in 180 days after Trump's decision.
Oil sanction is part of Trump's plan to pressure Iran to give more concessions than what agreed on in the JCPOA.
Iranian President Hassan Rouhani said Tuesday the country is in a battle with the United States, but vowed that the nation will be able to handle the economic pressure of new US sanctions.
Rouhani said the US withdrew from the multilateral nuclear deal with Iran at a great cost.
“The Islamic Republic’s tactful performance forced the Americans to leave the JCPOA while bearing the highest cost,” he said.
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