IIn the nuclear dispute with Iran, the United States wants to completely halt the oil exports of the Islamic Republic in the near future, according to a newspaper report. Foreign Minister Mike Pompeo will announce this Monday that Washington will no longer grant land to any country that is still importing Iranian oil from May 2, the Washington Post reported on Sunday citing ministry circles.
The exemptions for China, Japan, India, South Korea, Taiwan, Turkey, Italy and Greece should then end as planned after half a year. If a state fails to comply with the embargo, it faces US sanctions. Turkey had recently campaigned for an extension of the exceptions. The State Department in Washington did not want to comment on the report.
The news fueled concerns over a bottleneck on the oil market and pushed oil prices up by about three percent to its highest level in almost half a year. Leading North Sea Brent brand increased to $ 74.30 a barrel, more than last November. WTI's US light oil rose to $ 65.87, its highest level since October 30. Due to supply shortages in the crisis countries of Venezuela and Libya, the situation on the oil market is tense anyway.
Departure from the nuclear agreement
America's President Donald Trump has canceled the 2015 international nuclear deal with Iran and imposed new sanctions. Among other things, they are aimed at Iran's important revenue from the oil business.
Trump wants to force the leadership in Tehran to renegotiate a much stricter agreement on their nuclear and missile program. He also wants to persuade Iran to change course in foreign policy and end the support of militant groups in the Middle East region. The EU wants to stick to the nuclear agreement that was also negotiated by Germany.