The announcement to cut Iranian oil is the latest move by the Trump administration to apply maximum pressure against Iran following a withdrawal by the U.S. from the Iran nuclear deal in May. Based on the type of commercial activity involved, the Trump administration gave foreign companies 90 or 180 days to dwindle down their business with Iranian counterparts.
According to a senior State Department official, the Trump administration is not expecting to grant any waivers to companies that purchase Iranian oil or even invest in its energy industry.
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“It’s an attempt to crush the regime,” said John Kilduff, founding partner at Again Capital. “I’m seeing the companies, left right and center drop out from buying it.”
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