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US to Impose Sanctions on Countries Importing Iranian Crude Oil

The US Special Representative for Iran Brian Hook declared on Thursday that any country that continued to buy crude oil from Iran after May 2 would be subject to sanctions. In April, Trump had announced the end of sanction waivers for eight countries that had continued purchasing Iranian crude from May 1.

However, according to a Wall Street Journal report, countries like China and India could continue purchasing Iranian crude after May 2 till they reached a cap set by the US. Going back on this statement, Hook stated that even if a country had not met its negotiated caps, it would be subject to sanctions for buying Iranian crude after May 2.

The US remains firm on blocking all supply of Iranian crude in oil markets as it isolates Iran economically and diplomatically because it perceives Iran to be a potential threat. The US unilaterally withdrew from a nuclear accord with Iran stating that Iran was developing weapons under its nuclear program.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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