On Monday, in a decision that rocked oil market participants around the world, the Trump administration announced that they will not be renewing or extending oil waivers they had granted to eight counties allowing them to continue purchasing Iranian oil in reduced quantities despite U.S. sanctions. The original six-month grace period granted by these “significant reduction exceptions” ends on May 1, and Washington is demanding that the nations previously allowed to continue buying Iranian crude immediately and unilaterally cut Tehran off. For many, the decision came as a shock, and many nations dependent on Iranian oil are now scrambling to determine just what that means for the future.

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