Iranian workers walk at a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015.

Goldman Sachs expects the United States' decision to end exemptions from sanctions for countries still buying oil from Iran to have a limited impact on crude prices, even though the timing is likely to have caught energy market participants by surprise.

"While we acknowledge the near-term upside price risks, we reiterate our fundamentally derived Brent price trading range of $70-75 per barrel for the second quarter of 2019," the U.S. investment bank said in a research note published Monday, Reuters reported.

The world's largest economy said Monday that from May 1, it would eliminate all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions.

These eight economies that were initially allowed to continue buying Iranian crude without facing penalties include: China, India, Japan, Turkey, Italy, Greece, South Korea and Taiwan.