By AFPMore by this AuthorWASHINGTON,The United States is re-imposing punitive measures targeting the Iranian oil and financial sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran. They could upset world oil markets, though the US has granted temporary waivers to eight jurisdictions to continue importing Iranian oil. Iranian oil exports have fallen by about a million barrels a day in that time, though India and China have continued to purchase it. Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production. A first set of sanctions announced August 7 prompted European automakers Daimler and PSA to quit Iran.

Source: Daily Nation November 05, 2018 08:37 UTC