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the US is renewing pressure on Iran aiming to drive exports of Iranian oil down to zero sources told Reuters that the U. S. is expected to announce that all countries must end imports of Iranian oil or face sanctions themselves the sources confirmed a report by a Washington post columnist saying that the US would end sanctions waiver is granted to some importers of Iranian oil late last year that's after US president Donald Trump pulled the U. S. out of the twenty fifteen Iran nuclear deal and then re imposed sanctions on exports of Iranian oil in late November at the time Washington granted waivers to eight economies that it reduced their purchases of Iranian oil the waivers would allow them to continue to import from Iran without incurring sanctions for six more months The Washington Post columnist also reported that the state department will no longer be granting these waivers as of may second citing two unnamed officials the news triggered a spike in oil prices driving the benchmark Brent crude oil futures up more than three percent on Monday Asian economies are likely to be hit hard Iran's biggest oil customers are China and India who have both lobbied for extensions to the sanctions waivers South Korea is also a big buyer its refining industry relying on an ultralight form of crude oil to produce petrol chemicals Washington is pressuring Iran to stop its nuclear program as well as to stop backing militants in the Middle East David opted a campaign of maximum economic pressure imposing sanctions on oil exports to reduce terrorize main source of revenue