Iran refuses talks with United States under coercion

Iran refuses talks with United States under coercion

Iran refuses talks with United States under coercion

The drive, supported by Secretary of State Mike Pompeo and National Security Adviser John Bolton, has intensified since Trump withdrew on 8 May from a 2015 seven-nation deal to stop Iran from developing nuclear weapons.

Iran's oil exports could fall by as much as two-thirds by the end of the year because of the USA sanctions, putting oil markets under strain amid supply outages elsewhere in the world.

As an original signatory, the USA also pledged to waive secondary sanctions as long as Iran continued to abide by the deap.

The Iranian rial has dropped to a record low amid growing concerns about renewed US sanctions, which kick in on Monday.

Iranian President Hassan Rouhani has warned the US against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

USA officials, speaking to Reuters on condition of anonymity, said the drills appeared created to send a message to Washington, which is intensifying its economic and diplomatic pressure on Tehran but so far stopping short of using the us military to more aggressively counter Iran and its proxies.

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"The Americans say they want to reduce Iranian oil exports to zero ... It shows they have not thought about its consequences", Rouhani was quoted as saying by state news agency IRNA while on an official visit to Austria's capital, Vienna, in July.

In June, the USA state department said that countries buying oil from Iran should bring down to zero their Iranian crude imports by the time Washington re-imposes sanctions on November 4.

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran. -Chinese trade relations. The Trump administration this week said it would increase tariffs on China from 10 percent to 25 percent, prompting Beijing to say it wouldn't be persuaded by economic blackmail.

Preliminary tanker arrival data cited by Reuters on Thursday showed that the Asian country increased purchases of Iranian crude by about 30 percent to a record 768,000 barrels per day (bpd) as state refiners' intake surged ahead of U.S. sanctions in November.

According to data compiled by the agency, China boosted its purchases of Iranian oil in July, snapping up more than a third of the country's total exports.

Tamar Essner, an analyst at Nasdaq Inc., said there are "no signs whatsoever that this trade war is going to clear up anytime soon", and that has "caused investors to continue to trim net length, take profits, and de-risk that position with the sense that oil's upside is limited unless there's material reduction in Iranian barrels".

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