US Revokes Iran Crude License, Oil Futures Jump Over 5%
LCO•LCO•LCO•LCO•US revoked a license enabling Iran to export roughly 50,000 barrels per day of crude after recent tanker attacks, terminating a waiver held by ExxonMobil. Benchmark WTI futures climbed 5.19% and Brent futures rose 1.87% as traders priced in tighter supply.
The US government terminated a license that had permitted Iran to sell approximately 50,000 barrels of crude per day under a temporary waiver granted to ExxonMobil. This action follows attacks on commercial tankers in the Red Sea attributed to regional militants, prompting Washington to halt sanctioned exports and escalate geopolitical risk.
In response, benchmark WTI futures surged 5.19% while Brent futures gained 1.87%, reflecting heightened risk premiums amid tightening global supply. Traders cited the removal of Iranian barrels and ongoing shipping disruptions as catalysts for a sudden spike in oil prices and increased market volatility.
