Iran has been the center of many stories lately. From conspiring with Russia and North Korea to closing the Strait of Hormuz. The United States has been pushing sanctions on them hardcore ever since removing the nuclear deal that President Barack Obama put into place while in office. CNBC says "The United States sharply tightened energy sanctions against Iran on Thursday, seeking to cut the Islamic Republic’s exports to zero and ushering in a new era of uncertainty for the oil market." All waivers are now off the table and people are a bit worried about what might happen with the world's oil.
Oil prices initially jumped to six-month highs after Trump announced the waivers would be revoked, with international benchmark Brent crude hitting $75.60 and U.S. crude rising to $66.60. Prices were trading around $71 and $62, respectively, on Thursday.
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