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U.S. sanctions on Iranian oil exports are due to kick in on Nov.
4. The U.S. administration has been pushing its allies to cut
Iranian oil imports and encouraging Saudi Arabia, other OPEC
states and Russia to pump more oil to meet any shortfall.
"The oil market is suffering from short supply and this cannot
be resolved by words. Trump thinks he can bring the oil prices
down by bullying," Iranian Oil Minister Bijan Zanganeh said,
according to the semi-official news agency ILNA.
Benchmark Brent crude has been trading above $80 a barrel
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Zanganeh said the rise of oil prices was a "self-inflicted pain"
caused by U.S. sanctions against Iranian energy exports, and
could be resolved by lifting the measures.
"Everyone is worried and Trump has failed to reassure them.
That's why the market is in turmoil," he said.
Zanganeh also said the United States "has done most of the
things it could do, and there is not much left to do against
Iran," according to comments reported by Iran's ISNA agency.
Washington said this month it would consider waivers for Iranian
oil buyers such as India, although it said they would eventually
have to halt imports from Iran, the third biggest oil producer
in the Organization of the Petroleum Exporting Countries.
The United States announced new sanctions after withdrawing from
a nuclear deal with Iran in May. Under the 2015 nuclear pact,
most international sanctions against Tehran were lifted in 2016
in exchange for Iran curbing its nuclear program.
(Reporting by Bozorgmehr Sharafedin; Editing by Edmund Blair)
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