Oil prices have surged on April 22 as the US finalizes its decision to impose sanctions on Iranian oil importers, Reuters reported.

Brent crude reached $74.3 per barrel, up by 3.3%, hitting a five-month high since its $76.71 per barrel in November 2018.

The US will no longer be giving any waivers to current Iranian oil buyers who were allowed in 2018 to purchase oil from Iran without sanctions.

Iran previously came in fourth place among the Organization of the Petroleum Exporting Countries (OPEC) that produce oil, with almost 3 million barrels per day (b/d). Currently, Iran oil exports have dropped to 1 million b/d.