Asia's oil imports from Iran hit 8-month highs in March

• Asia's oil imports from Iran jumped 36 percent in March.
• Washington to revoke sanction waivers from May 1.

Asia's crude oil imports from Iran rose to the highest level in eight months in March as buyers stepped up purchases to take advantage of waivers to the sanctions imposed by the US on Iran last November. 

China, India, Japan and South Korea imported a total 1.57 million barrels per day (bpd) of crudefrom Iran in March, up 36 percent from the previous month to the highest since July, the data showed, according to Reuters. 

The major buyers of Iranian crude were granted waivers to the crude import sanctions that went into full effect in November. However, last week Washington it would revoke the waivers as of May 1. As a result, Iran's oil exports to major Asian buyers is set to drop sharply in the coming months.