Eight nations to receive US waivers under Iran sanctions: report

Eight nations to receive US waivers under Iran sanctions: report
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Eight nations are set to get waivers from the United States allowing them to continue buying oil from Iran after U.S. sanctions are reimposed, a senior official tells Bloomberg. 

Japan, India and South Korea are all reportedly among the exempted countries. China is still in discussions over the specifics of a deal, but is one of the eight, two people familiar with the matter told the news service.

The Trump administration withdrew from the 2015 Iran nuclear deal in May, which has triggered the reimposition of certain sanctions. On Monday, the U.S. is set to sanction the country's oil and gas industry.

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Waivers are being granted in exchange for sustained import cuts, the official said, to offset a potential price spike from drastically reduced supply.

Driven by speculation about potential waivers, Brent crude oil has fallen 15 percent from $85 a barrel over the last month.

Bloomberg reports that the waivers would be temporary.

“It is our expectation that the purchases of Iranian crude oil will go to zero from every country or sanctions will be imposed,” Secretary of State Mike PompeoMichael (Mike) Richard PompeoUS-Iran tensions rise: Five things to know about oil tanker attack US-Iran tensions rise: Five things to know about oil tanker attack The US must do its part in closing the largest outdoor prison in the world MORE has said.

A representative from the State Department did not immediately respond to The Hill's request for comment.