* Saudis ‘in no rush’ to replace barrels from Iran, PVM says
* Global benchmark crude climbs as much as 1.4% in London
By Alex Longley
(Bloomberg) —
Brent crude reached $75 a barrel for the first time since October as the U.S. decision to remove Iran sanctions waivers and a drop in Russian flows fueled supply fears.
* Saudis pledge to ensure oil supply if Iranian exports collapse
* Brent futures near $74 after settling at highest since October
By Sharon Cho and Grant Smith
(Bloomberg) —
Oil in London traded near the highest closing price in six months after the U.S. announced a tougher crackdown on Iran, seeking to choke off the OPEC member’s crude exports.
* U.S. is said to plan announcing it won’t renew Iran oil waiver
* Brent futures gain as much as 3.3% after rising for four weeks
By Verity Ratcliffe, Tsuyoshi Inajima and Sharon Cho
(Bloomberg) —
Oil held gains after rising to the highest level in almost six months as the U.S. government was said to eliminate sanction waivers that allowed buyers to import Iranian crude.
By Arsalan Shahla
(Bloomberg) —
A senior Iranian military official said the Islamic Republic will close the Strait of Hormuz if it’s prevented from using it, the state-run Fars news agency reported.
By Alex Longley
(Bloomberg) —
Summary of what’s shaping the oil market on Wednesday: U.S. gasoline inventories fell in API data, with EIA report also forecast to show a drop. China’s refinery runs dropped in March from record. BP bought heavy sweet crude at a $9/bbl premium as IMO 2020 looms.
