Three of eight countries that received waivers—Greece, Italy and Taiwan—have already ended Iranian oil imports. China, India, Turkey, Japan and South Korea will have to do the same or be subject to U.S. sanctions when the waivers expire on May 2. Iran has said it will close the Strait of Hormuz, a vital waterway which sees one-third of the world’s sea-borne oil shipments, in what appears to be a response to the Trump administration’s announcement. (CNN)

Talking point: The Canadian dollar rose alongside crude oil prices on Monday, which jumped to a six-month high on the news. U.S. officials defended potential implications of a reduced supply on world oil markets, saying that supply is now greater than demand unlike when the waivers were issued in November 2018—when the Trump administration reimposed sanctions on Iran. China and India are the largest importers of Iranian oil, and the sanctions could further impact trade relations, which have been especially strained between the U.S. and China.