ICE June Brent crude oil futures jumped over 3%, or more than $2/b, mid-morning in Asia on Monday, amid talks that the US may end all current extensions granted for importing Iranian oil. The Washington Post released reports over the weekend, quoting unnamed US officials who said the State Department aims to end all Iranian imports in an escalation of its sanctions program on Iran. Although no official word is out on the fate of sanctions waivers that have been granted to eight such countries which import Iranian crude, traders seemed to be taking no chances. “Panic in the markets, strange numbers trading on the screen, which is unreasonable but they [traders] need to cut losses,” a crude oil broker in Singapore said of the Brent/Dubai spreads trading on the Intercontinental Exchange Monday morning. Global […]