Last year, the US withdrew from the Iran nuclear deal, and encouraged buyers to cut off oil imports from that country. The administration granted several countries—China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey—temporary waivers to avoid price shocks. The withdrawal was part of a high-pressure campaign against Iran, to curtail its nuclear program and stop backing militant proxies across the Middle East. On Monday, the US declared it would end sanctions waivers starting in May, in an effort to drop Iranian oil exports to zero, oil prices surged 3% to a 6-month high. This may be good news for oil & gas companies that face investor skepticism going into earnings week .