The US is putting more pressure on Iran in a bid to drive Tehran's exports to zero. Secretary of State Mike Pompeo has announced the end of waivers for countries to import Iranian oil on Monday. According to a newspaper report, the waivers will end on the second of May. Oil prices rallied by about 3 percent on the news, with Brent Crude reaching more than 73 point 86 US dollars a barrel. Removing the sanctions exemptions would reduce oil supply from a market that is already tight because of U.S. sanctions against Iran and fellow OPEC-member Venezuela, but US President Trump is determined to eliminate the waivers.

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