Trump Administration Tightens Sanctions ‘To Bring Iran's Oil Exports to Zero'
Added 04-22-19 10:04:02am EST - “In response, Iranian officials have threatened to close the Strait of Hormuz, a waterway through which one fifth of the world's traded oil supply travels.” - Nationalreview.com
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The Trump administration has stepped up efforts to completely eliminate Iran’s oil export market, announcing Monday the elimination of sanctions exemptions that allowed the rogue nation to continue exporting oil to a select group of nations.
The Trump administration last year granted six-month waivers to eight countries, exempting them from the wide-ranging sanctions implemented as part of the unilateral U.S. withdrawal from the 2015 Iran nuclear deal. The elimination of those exemptions, which Secretary of State Mike Pompeo will officially announce Monday afternoon, will likely devastate the already struggling Iranian economy.
“President Donald J. Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May,” the White House said in a statement. “This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue.”
Crude futures spiked to six-month highs on news of the move, which is expected to eliminate 1 million barrels per day from the global market beginning May 2.
In response, Iranian officials have threatened to close the Strait of Hormuz, a narrow waterway through which one fifth of the world’s traded oil supply travels.
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