US seeks to quickly curb Iran oil after scrapping deal

US seeks to quickly curb Iran oil after scrapping deal

The US is giving its allies 180 days to extricate themselves from Iranian oil deals, making explicit its desire to start curbing the nation’s crude exports quickly in a bid to go after Tehran’s economic lifeline.

The anti-Irnian sanctions “effectively” go into place immediately, US Treasury Secretary Steven Mnuchin said after President Donald Trump announced the withdrawal from the Iran nuclear agreement.

In a document accompanying the announcement, the Treasury Department gave an unequivocal "Yes" to the question of "Will the United States resume efforts to reduce Iran’s crude oil sales?"

It was a message harsher than some oil traders had expected. Yet Mnuchin said his “expectation is not that oil prices go higher,” adding that the US has had conversations with “various parties” about entities that would be willing to increase oil supplies to offset Iran, Bloomberg reported.

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