Oil prices surge to 6-month high as U.S. announces Iran oil embargo

Global oil prices have hit a six-month high after skyrocketing for two consecutive days following the U.S. announcement of the end of waivers on Iranian oil sanctions. West Texas Intermediate continued closed 1-point-one percent up at 66-dollars-thirty-cents per barel Tuesday.This is the highest price since October 29th last year. Brent crude also climbed to hit 74-dollars-70-cents a barrel on Tuesday morning.