Pompeo to urge mounting pressure on Iran

"We talked about minimizing market disruptions and helping partners find alternatives to Iranian supply of oil", the senior U.S. State Department official said.

"In previous round of USA sanctions between 2012 [and] 2015, Iran did its best to ensure security of oil supply to India", Iran's Deputy Ambassador and Charge d'Affaires Massoud Rezvanian Rahaghi said at an event organised by the All India Minorities Front at the Parliament annexe on Tuesday.

India, Iran's top oil client after China, has asked refiners to look for alternative oil supplies as the nation may have to drastically cut imports from Tehran to comply with the renewed USA sanctions.

US President Donald Trump announced in early May the unilateral withdrawal of the US from the Iran nuclear deal and the reinstatement of sanctions against the country, as well as against foreign companies who do business with it.

Iran's foreign ministry and the central bank have taken measures to facilitate banking operations despite the U.S. sanctions, Jahangiri said without elaborating.

This is especially true because the United States never really had much justification for withdrawing from the nuclear deal in the first place, beyond President Trump personally having problems with it. Pompeo's primary ammunition in the talks will be assurances that other nations, mostly Saudi Arabia, will replace Iran's oil exports on the market. "The zero tolerance policy and the pace with which it is moving no doubt concerns Iran's current crude buyers".

Last week, Morgan Stanley lifted its forecast for Brent Crude by $7.50 to $85 a barrel for H2 2018, while Bank of America warned that a complete cut-off of Iran's oil could result in oil prices jumping to more than $120 a barrel. Overall purchases climbed on a higher intake of crude from Mexico, the United States and Azerbaijan. On a yearly basis, India's imports from Iran were 19.5 per cent higher, the data showed.

The clarification by Iranian Embassy came a day after Iran's Deputy Ambassador and Charge d'Affaires Massoud Rezvanian Rahaghi cautioned New Delhi that it will stand to lose "special privileges" if it cuts import of Iranian oil following U.S. sanctions. Indian state refiners had cut Iranian oil imports in the 2017/18 financial year because of a dispute over the development rights for an Iranian natural gas field.

In the joint statement, they reconfirmed their commitment to the deal and its "economic dividends" for Iran, which has suffered worsening financial turbulence since Trump abandoned the accord, and vowed to work for "the protection of companies from the extraterritorial effects of U.S. sanctions".

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