United States to sanction nations for importing Iranian oil

U.S. to announce end to sanctions waivers for Iran oil imports

AP sources: US to sanction nations for importing Iranian oil

'One thing that has clearly been going on inside the administration is a debate about when they should get to zero, ' said Rosenberg.

A senior administration official said President Donald Trump was confident Saudi Arabia and the United Arab Emirates will fulfill their pledges to compensate for the shortfall in the oil market.

U.S. President Donald Trump's administration re-imposed sanctions on Iranian oil exports in November after Washington pulled out of the 2015 Iran nuclear deal including five other countries.

"Before our sanctions went into effect, Iran would generate as much as $50 billion annually in oil revenue", Pompeo said as he detailed the policy change Monday morning.

The administration had granted eight oil sanctions waivers when it re-imposed sanctions on Iran after Trump pulled the US out of the landmark 2015 nuclear deal.

The Iranian foreign ministry said the U.S. sanctions were "illegal" from the start.

The Trump administration is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from USA sanctions if they continue to import oil from Iran, officials said Sunday.

On Monday, WTI crude oil prices increased to $65.53 per barrel. The Trump administration is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from USA sanctions if they continue to import oil from Iran.

Secretary of State Mike Pompeo insisted that the United States would punish countries that buy Iranian oil after May 2, without spelling out the scope of the sanctions.

Notre Dame parishioners head to nearby church for Easter services
The government estimated that some 27,900 people marched Saturday around France , including some 9,000 in Paris. Protesters are calling Saturday's demonstrations their "second ultimatum" against Macron and his government.

Secretary of State Mike Pompeo sits down with "Fox & Friends" to discuss working with Mexico and Central American countries to stop the flow of drugs and migrants into the US and explains how the Trump administration wants to help bring democracy to Venezuela.

The source confirmed a report by a Washington Post columnist that the administration will terminate the sanctions waivers it granted to some importers of Iranian oil late past year.

China, which relies on imports for about half of its oil, could present the toughest diplomatic challenge in trying to enforce the Trump administration's ambition of driving down Iran's oil exports.

Secretary of State Mike Pompeo speaks during a news conference on Monday, April 22, 2019, at the Department of State in Washington.

U.S. officials have insisted they are not seeking "regime change". State-run Indian Oil Corp. - the nation's bigger refiner and top buyer of Iranian oil - has been lining up alternative suppliers since previous year to hedge against the loss of crude from Iran, according to a company official.

After pulling out of the deal, the administration released a list of demands, including urging the Iranian regime to stop all proliferation and end its support for terrorist organizations such as Hezbollah, Hamas and Al Qaeda.

Since then, Italy, Greece and Taiwan have stopped importing oil from Iran. "We will no longer grant any exemption [to sanctions for importing Iranian oil] ..."

With other major oil importers like South Korea, Japan and India likely to comply, Iran's oil exports are likely to plummet, Staunovo wrote in a note.

Benchmark Brent Crude was at a six month high ahead of the White House announcement.

Latest News