Reuters - U.S. President Donald Trump on Monday said he wants to impose sanctions on Iran�s oil gradually, citing concerns about shocking energy markets and causing global price spikes.

�With the oil, it�s very interesting. We have the toughest sanctions ever imposed, but on oil we want to go a little bit slower because I don�t want to drive (up) the oil prices in the world,� he told reporters before flying to a campaign event. �This has nothing to do with Iran... I could get the Iran oil down to zero immediately but it would cause a shock to the market. I don�t want to lift oil prices.�

The United States on Monday restored sanctions targeting Iran�s oil, banking and transport sectors and threatened more action, part of a wider effort to curb Tehran�s missile and nuclear programs and diminish the Islamic Republic�s influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon. Trump�s moves target Iran�s main source of revenue, its oil exports, as well as its financial sector.

�If you notice, oil prices are going down very substantially, despite the fact that already half of their capacity is gone,� Trump said, adding �it will be a gradual� imposition of oil sanctions.

On Monday, international benchmark Brent crude oil futures were up nearly 0.8 percent to $73.41 a barrel and U.S. crude futures were up 0.4 percent at $63.41. [O/R]

(The story corrects paragraph four to say oil sanctions, from oil tariffs.)


Reporting by Roberta Rampton; Writing by Lisa Lambert; Editing by James Dalgleish and Dan Grebler