Oil buyers have to cut Iranian crude imports by November, a U.S. State official says

12:09 PM ET Tue, 26 June 2018

Companies that buy Iranian crude oil must completely cut those exports by the start of November, a senior State Department official told CNBC. That indicates the Trump administration will not allow countries to gradually phase out Iranian crude exports over many months, as the Obama White House allowed. Oil prices spiked following the announcement, which comes at a time when oil markets are finely balanced and crude futures have recently hit 3½-year highs.