Crude oil futures prices surged higher on Monday as the White House said it would end sanctions waivers on Iran’s oil exports in a bid to bring the shipments to zero, while saying global markets would “remain adequately supplied.”

West Texas Intermediate, the US benchmark, jumped 2.7% to $65.70 a barrel in morning trade, the highest since late October, while international standard Brent climbed 2.7% to 73.92 a barrel.

“The Trump Administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime’s destabilizing activity threatening the United States, our partners and allies, and security in the Middle East,” the White House said in a statement Monday.

The US said they want to deny Iran’s government “its principal source of revenue.” Still, the US, Saudi Arabia and the United Arab Emirates and other “friends and allies” will continue to keep the global crude market supplied.

“We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market,” the White House said.

The US extended sanctions waivers, or Significant Reduction Exceptions, on a numbers of countries last year to allow them to continue buying Iran’s oil, even as it reimposed other sanctions on the country after pulling out from the Iran nuclear deal.

Earlier this month, the White House designated the Islamic Revolutionary Guard Corps, a branch of Iran’s armed forces as a foreign terrorist organization, or FTO. The Trump administration said it was the first time the US has ever named part of another government as a FTO.

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