Crude oil on MCX settled up 1.05% at 4641 after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Despite the move by Washington, global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers.
Trading Ideas:
* Crude oil trading range for the day is 4556-4708.
* Crude oil gained after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.
* US demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers
* The U.S. government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero.
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