Prices at the pump may go up even higher this summer than expected following Monday’s announcement by the Trump Administration to sharply accelerate its goal of driving Iran’s oil exports to zero.
The United States will now sanction any country buying Iranian oil.
The administration granted waivers to eight countries, allowing them to continue buying Iranian oil without facing US sanctions.
Those waivers are set to expire on May 2.
The price of crude oil spiked on news of the administration’s policy.
Officials say the United States will help stabilize prices with additional oil from Saudi Arabia and the United Arab Emirates.