(Sait Serkan Gurbuz/Associated Press)NEW YORK — Global oil prices are rising in the wake of President Donald Trump’s decision to impose sanctions on nations that import Iranian oil and could eventually climb to levels that would impact American consumers. International Brent oil rose 47 cents to $74.51 Tuesday while U.S. West Texas Intermediate rose 75 cents to $66.30. The U.S. announced the sanctions in November but some countries got temporary waivers that allowed them to import Iranian oil. Pavel Molchanov, energy analyst at Raymond James, said that the oil market was under-supplied even before the decision to end the waivers. The last time oil prices surpassed $100 a barrel was during the Arab Spring uprisings, which curtailed supply and pushed Brent prices past that mark from 2011 through 2014.

Source: Washington Post April 23, 2019 13:11 UTC