U.S. will no longer grant waivers to countries to purchase Iranian oil, fully implementing the sanctions that Pres. Trump reimposed nearly a year ago when he withdrew from the Iran nuclear deal.
, with the goal to get Iranian oil exports to zero and to get Iran to the negotiating table.
The move has triggered global oil markets, with crude oil at its highest level in almost six months, and has set up a showdown with U.S. allies and adversaries alike. China, India, Turkey, Japan, South Korea and Taiwan were relying on the waivers to avoid being sanctioned by the U.S., but they could now be hit with economic penalties after their waivers expire on May 2.
Pompeo said the administration has used the "highest possible care to ensure market stability," especially by working with partners Saudi Arabia and the United Arab Emirates to increase production. But the price of oil has climbed recently, as U.S. sanctions also hit Venezuela, and the conflict in Libya makes production there volatile.
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