U.S. sanctions on Iran's oil sector will lead to "painful months" for consumers worldwide as oil prices rise, Iranian oil minister Bijan Namdar Zangeneh said.
According to IRIB News, Zangeneh said that despite the waivers granted to eight countries, oil prices would still increase. He also said that he believes U.S. President Donald Trump only decided to grant the waivers to keep the prices down before the U.S. midterm elections.
Iran's oil exports make up more than half of its foreign revenue. Washington on Monday fully reimposed sanctions on Tehran that had been lifted under a multilateral nuclear deal.
