UPDATE: U.S. to impose sanctions on allies in drive to push Iran oil sales to zero
Last edited Mon Apr 22, 2019, 10:15 AM - Edit history (1)
Source: Washington Post
The Trump administration said Monday it will start imposing sanctions on some key U.S. allies unless they stop buying all oil from Iran after waivers expire next month.
“If you don’t abide by this, there will be sanctions,” said Secretary of State Mike Pompeo in announcing an end to waivers granted last year to eight countries and jurisdictions that rely heavily on Iranian oil. “This is what we’re laying out this morning. We have a requirement. To conduct these transactions, one almost always needs to participate in financial markets. We intend the enforce the sanctions.”
The waiver decision came after oil prices have already risen by a third this year, and threatens to take more than a million barrels a day off the market. In anticipation of the move, crude oil prices rose 3 percent overnight. “This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue,” said a statement from the White House. It said the United States, Saudi Arabia, and the United Arab Emirates would ensure global demand is met. Pompeo said Iran had been taking in $50 billion a year in oil revenue before the sanctions were reimposed. He estimated U.S. sanctions have cost the Islamic Republic $10 billion so far.
"The regime would have used that money to support terror groups like Hamas and Hezbollah, and continue with its missile development in defiance of U.N. Security Council resolution 2231," he told reporters. "And it would have perpetuated a humanitarian crisis in Yemen."
Read more: https://www.washingtonpost.com/world/national-security/us-to-impose-sanctions-on-allies-in-drive-to-push-iran-oil-sales-to-zero/2019/04/22/cf9e7a93-d052-4951-b754-e1e5b068a224_story.html
Original article and ttitle -
By Washington Post Staff
April 22 at 9:34 AM
“If you don’t abide by this, there will be sanctions,” said Secretary of State Mike Pompeo in announcing an end to waivers granted last year to eight countries and jurisdictions that rely heavily on Iranian oil.
This is a developing story. It will be updated.
https://www.washingtonpost.com/news/politics/wp/2019/04/22/trump-administration-says-it-is-preparing-to-start-imposing-sanctions-on-some-key-u-s-allies-unless-they-stop-buying-oil-from-iran/?utm_term=.eb3590fa8c96
As a note, those quotes sound more like they were Bolton-written rather than Pomepeo.
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Who is really causing all the problems
I had noticed the Dow futures were up earlier pre-open, and then the Dow opened and immediately fell 41 points (and now we see this statement). As it is, the gas prices have been going up anyway - partly due to the "summer blend" and partly due to crude moving higher. Sigh...
Thanks for that info!
All they have to do is have Saudi threaten OPEC to reduce output and voila! Skyrocketing oil prices! 
I have a client who was born there. He was talking to relatives in Iran when I was nearby. He had it on speaker. He was talking to a kid about 10 years old. I can't even share the language without getting a 'visit'. They REALLY hate him. 
Had monitored the news much of yesterday afternoon about crude shooting up. Although they can only raise gasoline prices here once a week, I need to go top off.
