Oil prices hit their highest since November on Tuesday after Washington announced the end of all waivers on imports of sanctions-hit Iranian crude, pressuring importers to stop buying from Tehran.

Brent crude futures rose as high as $74.70, a level not seen since Nov. 1, before paring their increase as the market gained confidence that global supply would remain robust, according to Reuters.

U.S. West Texas Intermediate crude futures were at $66.19 per barrel, up 64 cents or about 1 percent, having earlier reached their highest since October at $66.31.

Despite Washington’s announcement, spare capacity from other suppliers such as Saudi Arabia and possible continued imports of Iranian crude by China could balance the market.