President Donald Trump previously withdrew from a 2015 Iran nuclear deal that he argued was not working and announced another round of sanctions that prohibited countries from importing Iranian oil, the Wall Street Journal reports. "We're going to zero".
U.S. Sec. of State Mike Pompeo announced the decision on Monday.
The U.S. announced the sanctions past year to push Iranian leaders to renegotiate an agreement aimed at keeping them from developing nuclear weapons.
Traders, already fretting about tight supplies, raised scepticism about whether this more stringent approach, along with ongoing sanctions on Venezuela's oil industry, could backfire in the form of a major spike in prices.
President Donald Trump's attempts to financially weaken Iran could drive average USA gas prices past $3 per gallon, analysts have warned.
The analysts say in a report Tuesday that USA ally Saudi Arabia will take its time to ramp up oil production to make up for the lost Iranian oil exports.
U.S. President Donald Trump announced sanctions a year ago, but then gave countries waivers to keep importing from Iran.
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Trump announced sanctions previous year, but then gave countries waivers to keep importing from Iran. If they fail to abide, they would be hit by tougher USA sanctions. He said normal interactions between Iran and other countries are "reasonable and lawful" and deserving of respect and protection.
According to local media, this measure has generated concern in the country, one of the largest Asian importers of Iranian oil.
Iran has been exporting less than 1 million barrels of oil per day, while USA production increased by 1.6 million barrels a day last year alone, and should rise by about the same amount this year.
Saudi Arabia and the United Arab Emirates have said they will in principle increase production, but are unlikely to do so before a meeting in June of the 14 members of the Organization of the Petroleum Exporting Countries (OPEC).
Turkey's foreign minister Mevlut Cavusoglu said pushing countries to make purchases from the US and its allies at the expense of Iran is "wrong" and "violates the regulations of the World Trade Organization (WTO) and poses a risk to s tability in the region", Turkey's Anadolu Agency reported.
"China firmly opposes the USA implementation of unilateral sanctions and its so-called long-armed jurisdiction", foreign ministry spokesman Geng Shuang said at a regular press briefing.
In response to the questions asked by IRNA correspondent, he said, "Islamic Republic of Iran is China's strategic trade partner in a way that China has established widespread cooperation and collaboration with the Islamic Republic of Iran in various fields".