US to end sanctions waivers for major Iranian oil importers

The White House confirmed on Monday morning that it will end all waivers from Iran sanctions when they expire on May 2. When the US reimposed sanctions in November, 6-month waivers were granted to China, India, Japan, South Korea, Taiwan, Turkey, Italy, and Greece.

US Sec. of State Mike Pompeo said Washington’s aim was to bring Iran’s crude exports "to zero." Importers would also face US sanctions if they continued to import Iranian oil after the waivers are withdrawn.

The US said it has committed, along with Saudi Arabia and the United Arab Emirates, to ensuring that global markets remain adequately supplied.

With oil markets already tightening and conflict flaring in Libya, WTI crude oil jumped 2.4% to $65.58/bbl, the highest since October, and Brent up 2.6% to $73.89/bbl.