Trump Admin Cuts Off Waivers for Iran’s Oil Sanctions

The Trump administration said it is ending its 180-day oil waivers against U.S. sanctions that were granted to eight countries that rely on Iranian oil exports, The Wall Street Journal reports. China, India, and Turkey are among the countries that had hoped for an extension of the waivers when they expire May 2. Instead, the White House signaled it will end the dispensation in an attempt to drive Iran’s oil exports down to zero. The Journal reported Iran’s oil buyers have been given conflicting messages by the U.S. leading up to the deadline. “Some State Department officials, even in recent weeks, had assured waiver recipients of more to come,” the paper reports. “That led White House officials to take more direct control of diplomatic efforts in order to end the waivers.” Early Monday, prices for Brent crude oil futures spiked 3 percent on the news.