The move comes as a result of the US decision to end the sanctions’ waivers which were implemented for eight US allies and major powers which wanted to purchase oil from Iran.
The nations are Japan, South Korea, Turkey, China, India, Taiwan, Italy and Greece.
The White House said the “decision is intended to bring Iranian oil exports to zero, denying the regime its principal source of revenue.”
Italy, Greece and Taiwan had already acceded to Washington’s demands to end their purchases of Iranian oil; therefore they do not face much pressure from the new American decision.
The latest developments have caused the price of oil to climb, but the US, Saudi Arabia and the United Arab Emirates have pledged to adjust their production to levels which would provide adequate quantities of petroleum to the global oil market.