Oil prices spiked more than three percent on Monday following reports of the upcoming move by Washington.
US West Texas Intermediate (WTI) crude futures climbed by as much as 2.9 per cent to $65.87 per barrel, the most since October 31, and were at $65.38 at 0452 GMT, up 2.6 per cent from their last close.
The move which is seen as an escalation of the US President Donald Trump administration's "maximum pressure" on Iran comes after it past year gave temporary 180-days waiver to eight countries, including India, China and Japan among others. Those economies were China, India, Japan, South Korea, Turkey, Taiwan, Italy and Greece.
President Donald Trump decided not to reissue the Significant Reduction Exceptions when they expire in early May meaning that the buyers of Iran's oil must end their transactions by May 2 or face sanctions.
"We will no longer grant any exemption [to sanctions for importing Iranian oil] ..."
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United States sanctions on Iran and Venezuela, along with unexpected losses in Libya, have squeezed supplies further.
As a result, Brent prices have risen by more than a third since January, and WTI by more than 40 per cent. "We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market", the statement said.
Saudi Arabia is the world's biggest exporter of crude oil and OPEC's de facto leader.
U.S. oil sanctions that have been in force since May 2018 have taken off an estimated 1.5 million barrels of Iranian crude from the world market, denying Iran about $10 billion in revenues a month. Iran's biggest oil customers are India and China, who have both been lobbying for extensions to sanction waivers.
South Korea, a close USA ally, is a major buyer of Iranian condensate, an ultra-light form of crude oil that its refining industry relies on to produce petrochemicals.
Government officials there declined to comment, but Kim Jae-kyung of the Korean Energy Economics Institute said the end of the sanction waivers "will be a problem if South Korea can't bring in cheap Iranian condensate (for) South Korean petrochemical makers".