Turkey and India break silence on Trump's Iran oil ban

AP sources: US to sanction nations for importing Iranian oil

"Today, I'm announcing that we will no longer grant any exemptions - we are going to zero across the board".

Although the Trump administration said that it had reached deals with Saudi Arabia and the United Arab Emirates to offset the drop in supply from Iran, benchmark oil prices jumped to a six-month high Monday morning in the wake of the sanctions announcement.

"Throughout 2019, the picture improves, as Saudi Arabia can bring online additional capacity and United States production increases steadily, covering Iranian losses and leaving about 1.5 million bpd of spare capacity", the analyst added.

President Donald Trump decided not to reissue the Significant Reduction Exceptions when they expire in early May meaning that the buyers of Iran's oil must end their transactions by May 2 or face sanctions. "How long we remain there, at zero, depends exclusively on the Islamic Republic of Iran's senior leaders", he said.

The latter three have already wound down their imports but between them the others continue to buy a million barrels of oil a day from Iran.

Those five countries include allies like Japan, South Korea, India, and Turkey, as well as China.

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"If you don't abide by this, there will be sanctions", said Secretary of State Mike Pompeo in announcing an end to waivers granted a year ago to eight countries and jurisdictions that rely heavily on Iranian oil. The U.S. has said it would move to stop any Iranian attempt to block the waterway. It also said in a statement that Washington once again intends to eventually "bring Iran's oil exports to zero" - something that the USA threatened to do since it unilaterally withdrew from the 2015 Iranian nuclear agreement, with which Tehran was found to have been compliant.

The Trump administration feels under time pressure to have the Joint Comprehensive Plan of Action (JCPOA) collapse before the expiration in October 2020 of a provision of the UN Security Council resolution that enshrines the deal that would enable Iran to purchase conventional arms, said Ali Vaez, Iran director at the International Crisis Group.

He tagged the U.S. State Department and U.S. Secretary of State Mike Pompeo on his tweet.

"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 global benchmark price rose as high as $74.31 earlier in the session, its highest intraday level in nearly six months. State-run Indian Oil Corp. - the nation's bigger refiner and top buyer of Iranian oil - has been lining up alternative suppliers since past year to hedge against the loss of crude from Iran, according to a company official. However, Washington provided waivers to several states that were actively buying Iranian oil in order for them to be able to diversify their supply sources.

Backing Trump's comments, Saudi Arabia's Energy Minister Khalid al-Falih said that the kingdom would work to "stabilize" the oil market.

The extent to which the United States decision will affect Turkey economically, depends on many variables, such as the price of oil, Bakeer added. This could result in oil prices rising significantly, as Iran is one of the biggest OPEC exporters.

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