Oil prices spiked on Monday on news that the Trump administration has opted to take a hardline on Iran, letting sanctions waivers expire at the end of the month. The Washington Post reported on Sunday that the State Department was set to announce a decision against extensions on waivers after the initial six-month period expires. Secretary of State Mike Pompeo announced the decision on Monday. As a result, the eight countries that the U.S. granted waivers to – China, India, South Korea, Japan, Taiwan, Italy, Greece and Turkey – will have to completely halt their purchases of oil from Iran. If not, they could be hit by U.S. sanctions. Whether or not to extend waivers had been a divisive issue within the Trump administration, with hawks like National Security Advisor John Bolton pushing for “maximum pressure,” while Secretary of State Mike Pompeo – who has a long track record […]