Trump ready to sanction allies buying Iran oil

Washington - The US said on Monday it would start imposing sanctions on friends such as India that buy Iranian oil.

Crude oil jumped more than 3 per cent on Monday after the United States said it will tighten a clamp-down on Iranian oil exports. Brent crude, the global benchmark, rose as much as 3.3 per cent a barrel and was last up $1.98 to $74.31.
The US said on Monday it would start imposing sanctions on friends such as India that buy Iranian oil, in its latest aggressive step to counter Tehran that could jeopardise US relationships.
Washington said it will eliminate in May all waivers that allowed eight countries to buy Iranian oil without facing US sanctions, a move that sent oil prices to 2019 highs. One targeted country, Turkey, vowed to defy the US demands which sent global crude prices spiralling higher, although Trump tweeted that his close ally Saudi Arabia would "more than make up" for decreases in Iranian oil.