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Rouhani warns of 'consequences' to United States push against buying Iranian oil

Iranian Vice President Jahangiri speaks during a news conference after a meeting with Iraq's top Shi'ite cleric in Najaf

Given the importance of the Chinese market for Iranian oil, some experts figure that the United States may be banking on resolving trade tensions with Beijing by the time the November deadline hits.

"Iran will remain committed to the deal, as long as its interests are preserved", Mr Rouhani said.

Austria is stripping the immunity of an Iranian diplomat suspected of involvement in an alleged plot to bomb a meeting of exiled Iranian opposition groups in France.

The comments by Iranian President Hassan Rouhani and the unexpected announcement by the UAE's oil-rich capital Abu Dhabi came as USA benchmark crude traded around $75 a barrel. In 2010, Germany joined the five permanent members of the U.N. Security Council-Russia, China, Britain, France and the USA -to impose tough new sanctions on Iran's banking and financial sectors and to block its ability to get paid for oil sales.

In May, Mr. Trump withdrew the US from the accord despite opposition from the other signatories, China, France, Germany, Britain and Russian Federation - along with the European Union - who have all continued to back the agreement.

Only very limited sanctions relief would be on offer as the United States pursues its goal of reducing Iranian oil revenues down towards zero.

August 6 November 4 Iran restrictions on dollar purchases Sanctions on oil-related transactions Sanctions on gold, precious metal trades Sanctions on transactions with Iran Central Bank Sanctions on supply of graphite, aluminum and industrial software Sanctions on supply of specialized financial messaging software Sanctions on automotive sector Sanctions on underwriting and insurance services Sanctions on purchase, facilitation of Iranian debt Sanctions on energy sector With assistance from Golnar Motevalli and Jade Cano.

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"We are prepared to work with countries that are reducing their imports on a case-by-case basis, but as with our other sanctions, we are not looking to grant waivers or licenses", Hook said, in comments that were seen as a softening of the United States' prior demands.

"China is always opposed to unilateral sanctions and long-arm jurisdiction", Foreign Ministry spokesman Lu Kang told reporters when asked about cooperating with Washington, adding that "China and Iran are friendly countries". "We want to work with these countries to build a strong global effort", he said. It's a high-stakes test of American leadership, the first of its kind for the Trump Administration's Iran strategy.

After Mr. Trump tweeted his unhappiness with the price of oil as recently as June, the price of oil fell.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers.

"It is incorrect and unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil", he said.

But Russia, which has been pumping around 11 million barrels a day, has only has a limited ability to increase supplies in the near term.

The White House said on Saturday that Saudi Arabia's King Salman had promised Trump that he can raise oil production if needed, and that Riyadh has 2 million barrels per day of spare capacity.

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