President Donald Trump will end waivers that have allowed eight nations — including China and Japan — from purchasing crude from Tehran without fear of sanctions. As reported by The Street, the waivers, which were granted in November of last year, are set to expire on May 2. Those reports were confirmed early Monday (April 22).

“President Donald J. Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May,” the White House said in a statement. “This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue.”

“The United States, Saudi Arabia, and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied,” the statement noted. “We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market.”

Brent crude contracts for June delivery, the global benchmark for oil prices, were marked $2.09 higher from their Thursday close in New York and changing hands at $74.06 per barrel while WTI contracts for the same month were seen $1.69 higher at $65.76 per barrel.

The Iran waivers are the latest in a series of events that have choked global supply and lifted prices from the 18-month nadir they reached on Christmas Eve. Since the, Brent crude has gained 45.6% and U.S. oil prices have surged 54%.

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