US President Donald Trump has shown his cards on sanctions against Iran’s crude oil exports, but whether he has played a winning hand depends on what the other players are holding.
The decision by the Trump administration not to renew any of the waivers extended six months ago to eight importers of Iranian crude, including top buyers China and India, is a clear escalation of Washington’s campaign against Tehran’s nuclear programme.
But Trump’s move will only work in exerting maximum pressure on Iran’s leaders if a range of other parties decide to play along, or at least defer to Washington’s moves. The first key reaction will come from the buyers of Iranian crude, especially China.
