A person familiar with the situation told Reuters the report was accurate, although a State Department spokesman declined to comment. The U.S. reimposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington, however, granted Iran's eight main buyers of oil, mostly in Asia, waivers to the sanctions which allowed them limited purchases for half-a-year. South Korea is a major buyer of Iranian condensate, an ultra-light form of crude oil on which its refining and petrochemical industry relies heavily. "Predictably oil prices are rising," he said.

Source: Mint April 22, 2019 02:26 UTC