The Trump administration said Monday that it will start imposing sanctions on some key U.S. allies unless they stop buying oil from Iran after waivers expire next month. “If you don’t abide by this, there will be sanctions,” Secretary of State Mike Pompeo said 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 to 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 2.4 percent today. “This decision is intended to bring Iran’s oil exports to zero, denying the […]