US Navy: Will Protect Commerce in Face of Iran Oil Threat

IRAN PRESIDENT Hassan Rouhani and Austrian Chancellor Sebastian Kurz attend a news conference at the

Oil wars: Iran says 'ready' to block of Hormuz Strait in retaliation to U.S.

Zarif made the remarks while addressing reporters in the Austrian capital Vienna on Friday following a meeting with his counterparts from Britain, France, Germany, China and Russian Federation for the first time since US President Donald Trump pulled Washington out from the nuclear accord, officially known as the Joint Comprehensive Plan of Action, in May.

Iran's remaining partners in the JCPOA vowed on Friday to keep the energy exporter plugged into the global economy. Washington has since told countries they must stop buying Iranian oil from November 4 or face financial measures.

In the joint statement, Iran's Mohammad Javad Zarif and other top diplomats reconfirmed their commitment to the deal and its "economic dividends" for Iran, which has suffered worsening financial turbulence since Trump abandoned the accord. Foreign ministers from the five remaining signatories will discuss the European proposal with Iranian officials in Vienna on Friday.

Speaking earlier in the day, France's foreign minister said that world powers would struggle to keep to that deadline.

"We are trying to do it (economic package) before sanctions are imposed at the start of August and then the next set of sanctions in November". Maas said more negotiations would be needed on the issue beyond Friday's meeting in Vienna.

"We will not be able to compensate for everything that arises from companies pulling out of Iran", Maas told reporters before the new round of talks among the remaining parties to the deal.

The pillars of the European Union's strategy are: European Investment Bank lending, a special measure to shield EU companies from US secondary sanctions, and a Commission proposal that EU governments make direct money transfers to Iran's central bank to avoid USA penalties.

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"All the members, even the three allies, have committed and have the political will to take action and resist the United States", Iran's Foreign Minister Zarif told a Vienna news conference broadcast by the Fars news agency.

"We've made some progress, including on safeguarding some crude (oil) sales, but it's unlikely to meet Iranian expectations".

"We are ready for all possible scenarios. the collapse of the deal will increase the tension in the region". Even though Iran's Foreign Minister Mohammad Javad Zarif said that the United States actions "de-facto disrupted the agreement", thus giving Iran a right to withdraw from it as well, the Islamic Republic would not exercise this right, according to Lavrov.

However, Rouhani told French President Emmanuel Macron by telephone on Thursday that the package of economic measures failed to offset sufficiently the effects of the US pullout and its re-imposition of nuclear-related sanctions.

Esmail Kowsari, deputy commander of the Sarollah Revolutionary Guards base in Tehran, said this week that if Iran's oil exports are prevented, "we will not give permission for oil to be exported to the world through the Strait of Hormuz", according to Bloomberg.

Would Iran actually block shipping in the Strait of Hormuz?

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