Mubasher: The US asked all importers to cut oil purchases from Iran to “zero” by 4 November, or they might face sanctions, according to a senior US State Department official.

Delegates from State and Treasury Department have been dispatched to Europe and Asia in recent weeks to gather support, notifying them that Washington expects to stop oil imports from Tehran, the official said on Tuesday.

Meanwhile, several US allies that import Iranian crude, including Japan and South Korea, expected the US to allow them to reduce their oil purchases over a much longer time by issuing sanction waivers in the event of making significant efforts in that respect.

Nevertheless, the US does not intend to provide any waivers, while it will engage with other crude exporters in the Middle East to "ensure that the global supply of oil is not adversely affected by these sanctions," the official said.

The White House’s pressure marks its toughening stance on its policy towards Iran, as it attempts to economically and politically shut out the country, while the move risks further escalation to the tension between the US and other countries on the back of the unilateral approach followed by US President Donald Trump regarding Iran and a number of challenges, including trade.

On a side note, oil prices soared 3% in response to the news, with US Nymex crude hitting $70.02 per barrel (pb).

By 9:21 am GMT, US Nymex futures rose 0.44% to 70.84 pb, while global benchmark Brent crude futures gained 0.12% to $76.40 pb.