Brent oil rises over 3% as US revokes Iranian oil sales waiver after Hormuz escalation

Brent crude rose further on Wednesday after the US military carried out fresh air strikes in Iran and revoked a waiver that had allowed Tehran to sell crude on global markets, Anatoly agency reported. The international benchmark was up more than 3.3 percent to $76.6 per barrel as of 0600GMT. Brent has surged more than 6 percent so far this week as renewed tensions around the Strait of Hormuz revived concerns over possible disruptions to global energy supplies. The US Treasury Department said Tuesday that the Office of Foreign Assets Control (OFAC) revoked Iran-related General License X, which had authorized the production, delivery and sale of Iranian oil under Washington’s interim agreement with Tehran. The move came after a series […]