Oil prices jumped on Monday on a report that the US is likely to ask all importers of Iranian oil to end their purchases.
Brent oil added 75 cents or 1 percent to $72.68 per barrel, the highest level since November 2018.
The US, which reimposed sanctions on Iran’s energy sector after unilaterally pulling out of a 2015 nuclear accord, now reportedly wants to force Iranian oil exports to zero/
The world’s largest economy will likely announce later today that all importers of Iranian crude will have to end their purchases shortly or be ready to face US sanctions, according to Washington Post.
That is widely seen exacerbating supply concerns. Hence, the black gold may extend gains during the day ahead, weakening currencies of the oil importing current account deficit economies like India. The Canadian dollar could also find takers amid oil rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds gains near 1.0900 amid weaker US Dollar
![EUR/USD holds gains near 1.0900 amid weaker US Dollar](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/MoneyEURUSD_3_XtraSmall.jpg)
EUR/USD defends gains below 1.0900 in the European session on Monday. The US Dollar weakens, as risk sentiment improves, supporting the pair. The focus remains on the US political updates and mid-tier US data for fresh trading impetus.
GBP/USD trades sideways above 1.2900 despite risk recovery
![GBP/USD trades sideways above 1.2900 despite risk recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/british-banknotes-14144912_XtraSmall.jpg)
GBP/USD is keeping its range play intact above 1.2900 in the European session on Monday. The pair fails to take advantage of the recovery in risk sentiment and broad US Dollar weakness, as traders stay cautious ahead of key US event risks later this week.
Gold price remains on edge on firm prospects of Trump’s victory
![Gold price remains on edge on firm prospects of Trump’s victory](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stacks-of-gold-bars-19033163_XtraSmall.jpg)
Gold price exhibits uncertainty near key support of $2,400 in Monday’s European session. The precious metal remains on tenterhooks amid growing speculation that Donald Trump-led-Republicans will win the US presidential elections in November.
Solana could cross $200 if these three conditions are met
![Solana could cross $200 if these three conditions are met](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Solana/solana_XtraSmall.jpg)
Solana corrects lower at around $180 and halts its rally towards the psychologically important $200 level early on Monday. The Ethereum competitor has noted a consistent increase in the number of active and new addresses in its network throughout July.
Election volatility and tech earnings take centre stage
![Election volatility and tech earnings take centre stage](https://editorial.fxstreet.com/images/TechnicalAnalysis/Volatility/Bands%20(bollinger)/stock-market-graph-gm532464153-55981218_XtraSmall.jpg)
The US Dollar managed to end the week higher as Trump Trades ensued. Safe-havens CHF and JPY were also higher while activity currencies such as NOK and NZD underperformed.