# Oil surges after State Dept orders buyers to cut Iranian imports

> U.S. crude rose 3.6% to settle at $70.53 after the State Department said buyers must cut Iranian oil imports to zero by November. Brent also climbed, and an API report showed a large inventory decline.

- Date: 2018-06-26 · published 2018-06-26T12:00:00.000Z
- Category: geopolitics · region Iran · magnitude high
- Page: https://feedsoft.ai/events/8781-oil-surges-after-state-dept-orders-buyers-to-cut-iranian-imports
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A mandated end to Iranian imports removes meaningful supply from the market, pushing crude and related energy costs higher.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2018-06-27 | 5 | +14.9% | 3.8 | State Department demand that buyers cut Iranian imports to zero by November threatens a large supply loss, lifting WTI 3.6% on 6/26 inside the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-26 | [Oil surges as U.S. pushes allies to halt imports of Iranian crude \| Reuters](https://feedsoft.ai/events/8778-oil-surges-as-u-s-pushes-allies-to-halt-imports-of-iranian-crude-reuters.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 | 2019-06-20 | [US oil surges to $56.65 after Trump says Iran made a 'mistake'](https://feedsoft.ai/events/12317-us-oil-surges-to-56-65-after-trump-says-iran-made-a-mistake.md) | +10.2% | +2.6% |
| WTI | 2018-03-09 | [US strikes three Iranian oil tankers after Iran targets US warships](https://feedsoft.ai/events/66178-us-strikes-three-iranian-oil-tankers-after-iran-targets-us-warships.md) | +1.7% | +3.2% |
| 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% |
| BRENT | 2018-06-26 | [Oil surges as U.S. pushes allies to halt imports of Iranian crude \| Reuters](https://feedsoft.ai/events/8778-oil-surges-as-u-s-pushes-allies-to-halt-imports-of-iranian-crude-reuters.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% |
| BRENT | 2019-06-20 | [US oil surges to $56.65 after Trump says Iran made a 'mistake'](https://feedsoft.ai/events/12317-us-oil-surges-to-56-65-after-trump-says-iran-made-a-mistake.md) | +7.0% | +2.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/06/26/oil-surges-after-state-dept-orders-buyers-to-cut-iranian-imports.html
- moneyweb.co.za: https://www.moneyweb.co.za/moneyweb-radio/safm-market-update/how-trump-is-affecting-emerging-markets/
- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/17296655/market-watch-crude-oil-prices-climb-as-us-talks-sanctions-on-irans-trading-partners

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