US oil prices raced above $65 a barrel on Monday for the first time since Halloween after the White House pledged to deepen its crackdown on Iran.
The Trump administration vowed to bring Iran’s oil exports to “zero” by removing the waivers that previously allowed some countries to buy crude from the OPEC nation.
The escalation adds to mounting supply concerns in the oil market. Venezuela’s oil shipments have been wiped out by US sanctions. Violence is rocking Libya. And Saudi Arabia has slashed its output.