News of US ending exemptions to Iran’s oil sanctions triggered surge in oil prices, as Americans prepare for summer road trips

The summer driving season may just have gotten more expensive.

US and global crude oil prices are near six-month highs as the White House said Monday it would not extend exemptions to Iran’s oil sanctions that were set to end in May. The news triggered an immediate spike in oil prices and comes as gasoline demand seasonally rises as Americans prepare for summer road trips.

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Read More Oil prices expected to spike in summer as US toughens stance on Iran sanctions

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