A prominent political expert based in the Italian city of Milan referred to Washington's plans to re-impose sanctions against Tehran in November and said the Trump administration is not able to isolate the Islamic Republic or block its oil exports.
Iran says US President Donald Trump’s anticipation that certain oil producers can fill the market gap created as a result of cutting off Iranian supplies is based on a “miscalculation” and that he had fallen into a trap that the same producers had created.
US Secretary of State Mike Pompeo said on Tuesday that Washington would consider requests from some countries to be exempt from sanctions, which are due to go into effect in November, to prevent Iran from exporting oil.
The US is demanding zero purchases of Iranian oil by November, and if that were possible, oil could spike above $120 per barrel, given global crude supplies, says Bank of America Merrill Lynch, according to CNBC.
Iran’s oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of US pressure.