Oil hits its highest level in 2019 after the termination of US sanctions exemptions to Iran
Oil prices hit their highest levels in 2019 after Washington announced it would end all exemptions granted in Iranian sanctions by the end of May to press importers to stop buying from Tehran.
Despite the Washington move, analysts said global oil markets would be able to cope with Iran's hurdles given the availability of sufficient spare capacity from other suppliers.
Brent crude futures were $ 74.58 a barrel, up 0.7 percent from their latest closing, their highest level since November 2018.
US crude oil futures were the strongest since October 2018 at $ 65.10 a barrel, up 0.8 percent from a previous settlement.
The United States on Monday demanded that Iranian oil buyers halt imports by May 1 or face sanctions, ending six-month exemptions that allowed the top eight buyers from Iran, mostly in Asia, to continue to import limited quantities.
Before sanctions were reinstated last year, Iran was the fourth largest producer of the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million bpd, but April's exports shrank to less than 1 million barrels a day, according to Reventiv data.