Iran oil minister: US made 'bad mistake' in ending sanctions waivers

Iran oil minister: US made 'bad mistake' in ending sanctions waivers
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Iranian Oil Minister Bijan Zanganeh on Tuesday said that the U.S. made a "bad mistake" by ending waivers that allowed several foreign countries to buy oil from Iran without facing sanctions.

“America has made a bad mistake by politicizing oil and using it as a weapon in the fragile state of the market," Zanganeh said in a parliamentary session, according to Reuters, which cited the Islamic Republic News Agency. 

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“With all our power, we will work toward breaking America’s sanctions,” Zanganeh reportedly added. 

The White House announced Monday that President TrumpDonald John TrumpThe Hill's Morning Report - White House, Congress: Urgency of now around budget GOP presses Trump to make a deal on spending Democrats wary of handing Trump a win on infrastructure MORE will not renew the waivers, which were scheduled for renewal on May 2. With the announcement, the White House is forcing countries to stop purchasing Iranian oil or be met with sanctions.

“This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue," White House press secretary Sarah HuckabeeSarah Elizabeth SandersLive coverage: House panel moves forward with Barr contempt vote Mueller's facts vs Trump's spin Trump says he was called 'the greatest hostage negotiator this country has ever had' MORE Sanders said in a statement Monday.

Reuters noted that oil prices on Tuesday reached their highest level since November. 

The Trump administration last year reimposed sanctions on Iranian oil purchases following Trump's move to withdraw the U.S. from the Iran nuclear agreement, but it granted waivers to a number of nations.