WASHINGTON: The United States is likely to announce that buyers of Iranian oil need to end imports or face sanctions, media reports said.

This is expected to trigger a 3 percent hike in crude prices.

The US administration is likely to terminate the sanctions waivers it granted to some importers of Iranian oil in 2018.

Reports said Benchmark Brent crude oil futures increased by as much as 3.2 percent to $74.31 a barrel, the highest since Nov. 1 last year. Likewise, the U.S. West Texas Intermediate futures increased as much as 3 percent to $65.87 a barrel, its highest since Oct. 30, 2018.

In November last year, the U.S. had ‘reimposed’ sanctions on exports of Iranian oil. (Agencies)