US to end all waivers on imports of Iranian oil
US aims to cut Iran oil exports to zero, prompting market concerned about reduced supply
Washington — The US on Monday demanded that all buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues which sent crude prices to six-month highs on fears of a potential supply crunch. The Trump administration's move on Monday not to renew exemptions granted in 2018 to major buyers of Iranian oil was a more stringent outcome than some nations had expected. Several importers had hoped to continue buying Iranian oil without facing US sanctions, according to sources familiar with discussions between the US and other nations as late as last week. The US reimposed sanctions in November on exports of Iranian oil after US President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran's nuclear programme. Eight economies, including China and India, were granted waivers for six months, and several had expected those exemptions to be renewed. Tehran remained defiant, saying it w...
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