The US is preparing to reimpose sanctions on Iran that have been frozen since January 201

6, a move that could cut global oil supplies by 500,000 b/d-1 million b/d by the end of the year and disrupt other energy and metals markets. 

* US will consider waivers for countries that curb imports 

* Sanctions could shut in 500,000-1 million b/d by year-end 

* Iran says it will continue JCPOA with five other countries 

International buyers of Iranian oil have until November 4 to wind down contracts before the

US reimposes sanctions on the oil, energy, shipping and insurance sectors, according to a 

Treasury Department fact sheet. 

As  it  did  from  2012 -15 before the nuclear deal, the US will consider allowing countries to 

continue importing Iranian crude as long as they demonstrate they are significantly reducing 

those volumes every 180 days, Treasury said. 

"Countries seeking such exceptions are advised to reduce their volume of crude oil purchas

es from Iran during this wind-down period," the notice said. "Consistent with past practice, the 

Secretary  of  State,  in  consultation  with  the  Secretary  of  the  Treasury, the Secretary of 

Energy, and the Director of National Intelligence, would make such determinations following a 

process of rigorous due diligence." 

President  Donald  Trump  announced  Tuesday  that  the  US  would  withdraw from the Iran 

nuclear deal and that "powerful sanctions will go into full effect." 

However,  Trump  invited  the  deal's  partners  to  return to the negotiating table to work on a 

broader  agreement  that  has  longer  limits  on  Iran's  nuclear  program,  and addresses its 

ballistic missile program and destabilizing regional activities.