# Oil surges as U.S. pushes allies to halt imports of Iranian crude | Reuters

> U.S. crude futures jumped over 2% and topped $70 for the first time in two months as Washington pressed allies to halt imports of Iranian crude. A larger-than-expected drop in U.S. crude inventories added to the gains.

- Date: 2018-06-26 · published 2018-06-26T12:00:00.000Z
- Category: geopolitics · region Iran · magnitude high
- Page: https://feedsoft.ai/events/8778-oil-surges-as-u-s-pushes-allies-to-halt-imports-of-iranian-crude-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Losing Iranian barrels would tighten global crude supply, lifting energy prices and raising costs for diesel, freight and fertilizer used in feed production.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2018-06-27 | 5 | +14.9% | 3.8 | US pressure on allies to halt Iranian crude plus a bigger-than-expected inventory draw pushed WTI above $70 on 6/26, adding to the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-04-22 | [U.S. to end all waivers on imports of Iranian oil, crude price jumps](https://feedsoft.ai/events/9604-u-s-to-end-all-waivers-on-imports-of-iranian-oil-crude-price-jumps.md) | -1.1% | -1.9% |
| WTI | 2018-06-26 | [Oil surges after State Dept orders buyers to cut Iranian imports](https://feedsoft.ai/events/8781-oil-surges-after-state-dept-orders-buyers-to-cut-iranian-imports.md) | +6.7% | +1.0% |
| WTI | 2019-10-11 | [Oil rises 2% after reports of Iranian tanker attack \| Reuters](https://feedsoft.ai/events/56737-oil-rises-2-after-reports-of-iranian-tanker-attack-reuters.md) | +0.6% | +6.4% |
| WTI | 2022-03-06 | [Oil price surges to highest since 2008 on delays in Iranian talks \| Reuters](https://feedsoft.ai/events/6283-oil-price-surges-to-highest-since-2008-on-delays-in-iranian-talks-reuters.md) | -5.5% | -14.2% |
| WTI | 2019-03-29 | [Japanese refiners halt Iran oil imports as waiver expiry looms \| Reuters](https://feedsoft.ai/events/60284-japanese-refiners-halt-iran-oil-imports-as-waiver-expiry-looms-reuters.md) | +4.8% | +6.7% |
| BRENT | 2019-04-22 | [U.S. to end all waivers on imports of Iranian oil, crude price jumps](https://feedsoft.ai/events/9604-u-s-to-end-all-waivers-on-imports-of-iranian-oil-crude-price-jumps.md) | +0.4% | +2.4% |
| BRENT | 2018-06-26 | [Oil surges after State Dept orders buyers to cut Iranian imports](https://feedsoft.ai/events/8781-oil-surges-after-state-dept-orders-buyers-to-cut-iranian-imports.md) | +4.4% | -0.7% |
| BRENT | 2019-10-11 | [Oil rises 2% after reports of Iranian tanker attack \| Reuters](https://feedsoft.ai/events/56737-oil-rises-2-after-reports-of-iranian-tanker-attack-reuters.md) | +0.9% | +5.7% |

## Sources

- reuters.com: https://www.reuters.com/article/business/oil-surges-as-us-pushes-allies-to-halt-imports-of-iranian-crude-idUSKBN1JM04J/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.