If the USA gains the cooperation of its allies to halt imports of Iranian oil, and bring its exports to zero, it will help the Iranian people see their ultimate goal of regime change.
Read the full report at the AP.
French oil-and-natural-gas company Total has "officially left" Iran in the face of the USA threats, Iran's oil minister announced in August.
The Iranian currency hit a new low against the U.S. dollar as the country's economy continues to weaken amid fears that the re-imposition of sanctions by the United States would stifle the oil exports from the country.
At the start of the week after the long USA holiday week-end, crude oil was already being underpinned by supply issues after global markets had tightened throughout the month of August.
Speaking to a group of oil officials on Tuesday, Rouhani said the U.S.is targeting oil exports as part of efforts to reimpose sanctions on Iran.
These sanctions will come into force on November 4, three months after the U.S. originally reimposed punitive economic measures on Tehran.More news: Trump's reported off-the-record remarks hit US-Canada trade talks
People often focus on the supply side. but what happens if China reduces its consumption?
There hasn't been much excitement in the market as investors were out due to summer holidays or Labor Day. "The fundamental picture is the strongest I've seen in quite some time", Kilduff said.
"We will not return to previous levels if our counterparts leave the JCPOA (nuclear deal), but will instead reach even more advanced levels", the organisation´s spokesman Behrouz Kamalvandi said, quoted by state broadcaster IRIB.
"And I think, and many people agree with me, that the demand will be impacted - so that's not good for us".
As a result, Japanese oil companies are preparing to halt imports of Iranian crude and researching ways to increase imports from elsewhere to make up the shortfall, the reports said. India and China's combined purchases of Iranian crude will decline to nearly 1 million barrels a day from about 1.3 million because of the sanctions, according to ESAI Energy.
China is the world's biggest oil importer. But the imports were still among the lowest this year due to a drop-off in demand from the country's smaller independent refineries.
New Delhi's attempt to keep Iranian oil flowing mirrors a step by China, where buyers are shifting almost all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC).