Trump's Iran oil sanctions risk Asian reprisals

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"We are going to zero, we're going to zero across the board".

The official said the administration is now looking at ways to prevent Iran from circumventing existing oil sanctions.

One targeted country, Turkey, vowed to defy the USA demands which sent global crude prices spiraling higher, although President Donald Trump tweeted that his close ally Saudi Arabia would "more than make up" for decreases in Iranian oil.

The US granted waivers to eight nations to import Iranian oil after the Trump administration pulled out of the 2015 nuclear deal with Iran.

Prior to the reimposition of sanctions, Iran was the fourth-largest oil producer among the Organization of the Petroleum Exporting Countries (OPEC) at nearly 3 million barrels per day, but April exports have shrunk to well below 1 million barrels per day, according to ship-tracking and analyst data in Refinitiv. While Pompeo's team, led by Iran special representative Brian Hook, cautioned that a sudden removal of Iranian crude from the market - about 1.1 million barrels a day - could fuel volatility and lead to a price spike.

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U.S. Secretary of State Mike Pompeo said no more waivers will be issued on sanctions aimed at isolating the Islamic Republic.

Israeli Prime Minister Benjamin Netanyahu, said: "The decision of President Trump and the American administration is of great importance to increase the pressure on the terror regime of Iran".

According to a senior State Department official who spoke to the Post on condition of anonymity, "The policy of zero Iranian imports originated with Secretary Pompeo".

"We will continue to apply maximum pressure on the Iranian regime until its leaders change their destructive behaviour [and] respect the rights of the Iranian people", he said.

The others - Greece, Italy, Japan, South Korea and Taiwan - have already heavily reduced their purchases from Iran. State-run Indian Oil Corp. - the nation's bigger refiner and top buyer of Iranian oil - has been lining up alternative suppliers since a year ago to hedge against the loss of crude from Iran, according to a company official.

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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. "If not, the campaign with which we've been engaged. will continue", he said.

Sen. Ted Cruz (R-TX) applauded the end of oil waivers for Iran. Some of the pathology also stems from domestic politics given President Trump's aversion to any initiative by the previous Obama administration, which reached a nuclear deal with Iran.

Iraq last month exported just under 3.4 million barrels per day, after having agreed past year to trim production, alongside other producers, so that prices would go up. "We will no longer grant any exemption [to sanctions for importing Iranian oil] ..."

The move has triggered global oil markets, with crude oil at its highest level in nearly six months, and has set up a showdown with USA allies and adversaries alike. "We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market".

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