The United States announced that it will start imposing sanctions on eight countries if they do not stop buying Iranian oil after sanctions waivers expire on May 2. Of the eight countries, Italy, Greece, Japan, and Taiwan have already stopped buying Iranian oil. China, India, South Korea, and Turkey could still be sanctioned. Forty percent of Iran’s revenue comes from oil sales. U.S. officials are predicting that there will not be a substantial rise in global oil prices after the waivers end, and have said that there are agreements in place with other countries to offset the reduced supply if necessary.