The Trump administration moved to broaden Iran’s economic isolation on Monday by announcing it would fully enforce sanctions that were imposed last fall and stop allowing five large nations to buy Iranian oil. Global oil prices rose even before the announcement in Washington, increasing the specter of a surge in oil and gasoline prices.
Secretary of State Mike Pompeo said the United States would no longer grant oil waivers to China and India, Iran’s two largest customers. The decision would also end waivers for Japan, South Korea and Turkey, all American allies or partners.
The waivers had allowed the five nations to avoid major sanctions against Iranian oil exports that were imposed by the United States last November. Those exceptions will expire on May 2, clearing the way for American economic penalties against all companies or financial institutions that continue to take part in transactions linked to buying Iranian oil.
“We will no longer grant exemptions,” Mr. Pompeo said in Washington. “We’re going to zero. We’re going to zero across the board.”