Oil surges as U.S. pushes allies to halt imports of Iranian crude | Reuters

Oil surges as U.S. pushes allies to halt imports of Iranian crude | Reuters:

Crude futures jumped over 2 percent on Tuesday and U.S. oil topped $70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies.

The market rallied further in post-settlement trading, after the American Petroleum Institute said U.S. crude inventories fell a surprising 9.2 million barrels, far exceeding the decline of 2.6 million barrels that had been expected. [API/S]

Brent crude LCOc1 gained $1.58 to settle at $76.31 a barrel, while West Texas Intermediate crude CLc1 climbed $2.45 to settle at $70.53. In post-settlement trading, where volumes are small, Brent extended gains to $76.61 a barrel, while U.S. crude rose to $70.76 a barrel.