Global oil markets are still adjusting to President Trump’s decision on Monday to not extend the 180-day waiver for Iranian oil imports to the country’s eight largest customers. On Thursday, global oil benchmark, London-traded Brent crude futures rose above $75/barrel for the first time this year. By 0705 GMT the benchmark pulled back to $74.90, but still an increase of 33 cents from the previous session. Prices are also still receiving support from oil output cuts from the OPEC+ deal to trim 1.2 million bpd from markets as well as output cut-backs from Venezuela amid U.S. sanctions and in Libya as that country continues to be embroiled in fighting around Tripoli. Saudi Arabia, for its part, and not surprisingly, said yesterday that it saw no need to increase oil production after the Iranian oil waivers expire on May 2. However, Saudi Arabia added that it would respond to customers’ […]