Market News & Analysis

Oil prices soar on Iranian export crackdown

Apr 23, 2019 | Market Update

High-impact economic news:

15:00 JPY BOJ Core CPI y/y
22:30 CAD Wholesale Sales m/m
23:00 USD HPI m/m

00:00 EUR Consumer Confidence
00:00 USD New Home Sales

West Texas Intermediate (WTI) crude has rallied to its highest level since October 31 following a crackdown on Iranian oil exports. Overnight, the United States announced it would stop approving sanctions waivers for countries currently importing oil from Iran, tightening oil supplies further.

United States President Donald Trump confirmed the announcement on Twitter, saying, “Saudi Arabia and others in OPEC will more than make up the oil flow difference in our now Full Sanctions on Iranian oil…”  

With supplies set to tighten by approximately 1 million barrels per day, the price of WTI and Brent skyrocketed. WTI crude rose US$1.19 or about 3% to close the session at US$65.65 per barrel. U.K. Brent oil experienced a stronger rally, climbing US$1.63 to US$73.60 per barrel, it’s highest level since November 1.

Some of Iran’s biggest oil buyers include China, India, Japan and Turkey.

In Forex markets, the USD has edged higher in thin trade after the Easter long-weekend.


Good trading from EightCap

* The information provided here has been prepared by EightCap’s team of analysts. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and do not reflect the opinions of EightCap.

In addition to the disclaimer on our website, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. EightCap accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.

Please note that past performance is not a guarantee of or prediction of future performance. This communication must not be reproduced or further distributed without prior permission.







Level 6, 360 Collins Street
Melbourne, VIC
3000 Australia

Risk Warning: Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with EightCap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

EightCap is a registered business name of EightCap Pty Ltd (ABN 73 139 495 944). We are regulated by the Australian Securities & Investments Commission (ASIC) - our AFSL number is 391441. This licence authorises us to provide financial services to people in Australia.

The information on this website is of a general nature only and is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. EightCap is not a financial adviser, and does not issue advice, recommendations, or opinion in relation to acquiring, holding or disposing of a margined transaction. We provide general advice only and accordingly you should consider how appropriate the advice (if any) is to your objectives, financial situation and needs before acting on the advice.