Oil prices surged on Monday after the U.S. administration said it will no longer grant waivers for purchases of Iranian crude.
U.S. President Donald Trump has decided not to reissue the sanctions waivers allowing major importers to continue buying Iran's oil when they expire in early May, the White House said Monday.
U.S. Secretary of State Mike Pompeo told reporters later in the day that the U.S. sanctions will be reimposed on all countries that import oil from Iran since May 2.
Washington's new move to squeeze Iran has raised concerns that it may lead to higher oil and gasoline prices.
The West Texas Intermediate for May delivery rose 1.70 U.S. dollars to settle at 65.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery was up 2.07 dollars to close at 74.04 dollars a barrel on the London ICE Futures Exchange.