Oil prices jumped higher as the Trump administration said it won’t renew waivers that let countries buy Iranian oil without facing U.S. sanctions, a move that roiled energy markets and risks upsetting major importers such as China and India. Both Saudi Arabia and the United Arab Emirates said they would fill any shortfalls, as the May 2 cutoff date approaches.
Iran has responded stating that it will close the Strait of Hormuz, a waterway vital for global oil shipments, if the country is prevented from using it, a senior military official said on Monday in what appears to be a response to the U.S. plan to end waivers on Iranian oil exports. The Strait of Hormuz is a narrow waterway carrying a fifth of the world’s traded oil that Iranian officials have threatened to block in retaliation for sanctions targeting the country’s nuclear program. The U.S. has said it would move to stop any Iranian attempt to block the waterway.
Currently Close Range
USDCAD 1.3355 1.3391 1.3354-1.3393
EURCAD 1.5029 1.5059 1.5013-1.5059
GBPCAD 1.7329 1.7400 1.7329-1.7407
US: Existing Home Sales March 5.48 M 5.21 M