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"We will surely do something to thwart the USA rallying cry that Iranian oil must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

He warned against any move in the crude market by any country to replace Iran's share, saying that those who intend to do so will betray Iran and will be punished someday.

"Iran will offer its oil in the stock market, and the private sector can transparently buy and sell the crude through this market", Jahangiri added.

"We will not hesitate to take action when we see sanctionable activity", said Brian Hook, the department's Policy Planning Director and the former lead negotiator for the USA who met with European allies for months to reach a side agreement that kept the U.S.in the Iran nuclear deal but addressed Trump's concerns with it. "Of course. That's what we're doing, absolutely", he said.

Trump told King Salman bin Abdulaziz Al Saud that the oil market could need more supply when the men spoke on Friday, the White House said.

The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by 4 November.

On Tuesday a senior State Department official described tightening the noose on Tehran as "one of our top national security priorities". "He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

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Winona LaDuke, founder of Honor the Earth , said they'll use every regulatory means possible, and she threatened mass protests. In a statement on late Thursday, Enbridge Inc., based in Calgary, Alberta, called that a "good outcome for Minnesota".

Monday saw a downturn in global oil prices; the price of Benchmark Brent crude oil fell 0.8 percent to 78.54 dollars and West Texas Intermediate ebbed 0.25 percent, to 73.95 dollars.

Meanwhile, analysts worry about a supply squeeze as the USA administration pressures global importers to end their purchases of Iranian oil while Venezuela's production slumps with the South American country's deepening crisis.

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said. India imported 771,000 barrels of crude oil a day from Iran in May, a 35 percent increase from the previous month, tanker tracking and shipping data compiled by Bloomberg show.

On Fox, Trump directed blame at the Organization of Petroleum Exporting Countries, of which Saudi Arabia is a member.

Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.

"It depends on the conduct of other governments", Bolton said.

Hook seemed to celebrate the collapsing Iranian economy, telling reporters Monday that their efforts had led to more than 50 worldwide companies announcing they will leave the Iranian market, although the State Department is not providing that list.