Reuters) - US President Donald Trump has decided not to extend the exemptions granted to some countries by Iran's sanctions, the White House said on Sunday, noting that Saudi Arabia and the United Arab Emirates have agreed on phased measures to secure shortages in the oil market. Oil markets are eligible to deal with the termination of exemptions, the White House

said , noting that Saudi Arabia and the United Arab Emirates "agreed to take timely action to ensure that global demand for oil is met after Iranian oil exits the markets."

The United States re-imposed sanctions last November on Iranian oil exports after US President Donald Trump unilaterally withdrew from the 2015 nuclear deal between Iran and six major powers. 

After re-imposing sanctions on Tehran, Washington granted exceptions to eight countries (China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece) for six months during which it could buy Iranian oil without being subject to US sanctions.