Trump’s Big Iran Oil Gamble

The Trump administration’s announcement Monday that it is ending waivers allowing several countries to keep importing Iranian crude is likely to push up oil prices and sour relations with U.S. friends and rivals alike that rely on Iranian energy, all while stoking more tensions in the waters around the Persian Gulf.

U.S. Secretary of State Mike Pompeo said Monday morning that the United States, in a bid to apply “maximum pressure” on Tehran, will not renew waivers that eight countries received last November to keep buying modest amounts of Iranian oil. The surprising move aims to drive Iran’s oil exports down from the current level of around 1.5 million barrels a day to close to zero, the administration’s long-stated goal since it pulled out of the Iran nuclear deal almost a year ago. The waivers expire on May 2.

Read the full article and more in Foreign Policy.