Trump to Escalate Iran Feud by Ending Waivers; Oil Prices Climb

The Trump administration said it won’t renew waivers that let countries buy Iranian oil without facing U.S. sanctions, a move that roiled energy markets and risks upsetting major importers such as China and India.

“This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue,” White House Press Secretary Sarah Sanders said in a statement Monday.

“The U.S., Saudi Arabia and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied,” according to the statement.

Brent for June settlement climbed as much as 3.5 percent on Monday, reaching its highest level since early November. It traded at $74.36 a barrel, up 2.4 percent, as of 12:36 p.m. New York time.

The current set of waivers -- issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey -- expire May 2.