Israel applauds Trump decision to eliminate Iran oil waivers

AP sources: US to sanction nations for importing Iranian oil

"These last few days, we've seen plenty of stories about rising gasoline prices, just in time for the summer driving season", Lynch said.

"I think that the global oil markets are poised to be able to deal with this", Kevin Hassett said in an interview with CNBC.

In a tweet, President Trump said: "Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian oil".

President Donald Trump reinstated the sanctions a year ago after abandoning a landmark nuclear deal with Iran.

"While there will be volatility in the near term, we do not think that today's announcement will structurally drive a sustained or significant spike in oil prices", Rome said.

In morning trading, benchmark US crude surged $1.52, or 2.4% to $65.57 per barrel in NY.

The White House announced that sanctions waivers for China, India, Japan, South Korea and Turkey would not be renewed when they expired on 2 May.

Secretary of State Mike Pompeo on Monday reiterated that Washington's goal was to bring down exports of Iranian oil to zero and added the United States had no plans to give any grace period beyond May 1 for countries to comply. But, even as the sanctions have badly hurt its economy, Iran has stuck to its commitment under the nuclear deal to restrict its atomic activities, in the hopes that European partners can help it weather the USA blows.

"The maximum pressure campaign could not be maximalist until the administration cut off Iran's oil exports", said Mark Dubowitz, the chief executive officer of the Foundation for Defense of Democracies and a supporter of additional sanctions on Iran.




Secretary of State Mike Pompeo speaks during a news conference, April 22, 2019, at the Department of State in Washington, D.C. Iran's biggest oil customers are China and India, who have both been lobbying for extensions to sanction waivers.

Iran has brushed off the Trump administration's decision to stop exempting countries from USA sanctions on its oil exports.

North Atlantic Treaty Organisation ally Turkey has made perhaps the most public case for an extension, with senior officials telling their US counterparts that Iranian oil is critical to meeting their country's energy needs.

Saudi Arabia is willing to compensate for the lost crude from stronger Iran oil sanctions but but the Kingdom will assess the impact on the market before raising its output, according to a Reuters report that cites "a source familiar with Saudi thinking".

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The extent to which the U.S. decision will affect Turkey economically, depends on many variables, such as the price of oil, Bakeer added.

Iran earned $52.7 billion from petroleum exports in 2017, according to the oil cartel OPEC, before the reimposition of United States sanctions.

He added the length of the sanctions being at zero depends on the Iranian Ayatollah and "his cronies" meeting certain demands.

Saudi Arabia's Energy Minister Khalid al-Falih said Riyadh was committed to "stabilizing" the oil market.

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