A US decision to end sanction waivers for major Iranian oil importers puts pressure on prices as markets reopen after Easter.
However, a note by Barclays said the decision would"lead to a significant tightening of oil markets" and posed a"material upside risk" to its forecast of a $70 a barrel average for 2019.
Brent Crude topped $74 a barrel - rising almost 1% when trading resumed in Asia and Europe after the Easter break. According to figures produced by data specialists Refinitiv, Iran pumped only one million barrels per day in April.Before sanctions were reimposed, it had been producing three million barrels - making it the fourth-largest member of the OPEC group of oil-producing nations.
Ellen Wald, non-resident senior fellow at the Global Energy Centre of the Atlantic Council, told the Reuters news agency the US"expect" Saudi Arabia and the United Arab Emirates to replace the Iranian oil.Any move by the kingdom and its OPEC allies to raise production could place price rises at risk given shaky global demand and the likelihood it would prompt US shale producers to follow suit to maintain market share.
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