Oil Spikes, Yields Rise After U.S. Revokes Iran Oil Waivers

Oil prices climbed higher after the U.S. government revoked sanction waivers for Iranian oil after commercial ship attacks. Brent crude futures climbed more than 5.1% to $75.65 per barrel while WTI futures rose 5% to $71.99. Oil prices were well below wartime highs, but still above prewar levels.