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U.S. disrupts oil market with tough Iran stance

Port of Kharg Island Oil Terminal.
Port of Kharg Island Oil Terminal, off the Iranian coast. Photo: Fatemeh Bahrami/Anadolu Agency/Getty Images

Oil prices are up following yesterday's claim by a senior State Department official that the U.S. doesn't intend to grant sanctions waivers for buyers of Iranian crude oil.

Why it matters: The Trump administration plans to take a hard line once the penalties are reimposed in November, but the posture comes with uncertainties.