New Delhi: India and seven other countries will not be able to import cheaper Iranian oil without attracting US sanctions after May 1when the Donald Trump administration will end all the waivers. The US decision has jacked up global oil prices, which can potentially put the ruling BJP at a disadvantage in the latter stages of the ongoing general elections 

Oil topped $74 a barrel on Monday, its highest in six months on fears of shortage due to expected removal of supplies from Iran. Washington, however, said the sanctions, aimed at pressuring Iran to curtail its nuclear programme and renegotiate with US, will not hurt global oil supply. 

“Today I am announcing that we will no longer grant any exemptions,” US Secretary of State Michael R Pompeo said in a briefing on Monday. “We are going to zero. We’re going to zero across the board,” he said. “We have had extensive and productive discussions with Saudi Arabia, the United Arab Emirates, and other major producers to ease this transition and ensure sufficient supply,” Pompeo said. 

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