Hook Emphasizes Success of Maximum Pressure Strategy on Iran Without Oil Price Surge

Brian Hook, the head of the Iran Action Group at the U.S. State Department, stated on Wednesday, November 7, that the United States has been very successful and precise in applying maximum pressure on Iran without allowing Iran's sanctions to lead to a spike in oil prices. Mr. Hook also emphasized that the U.S. strategy of 'maximum pressure' targets the bank accounts where Iran's oil revenues are deposited. He added that a predictable increase in oil supply next year will help the U.S. demand further reductions in imports from countries importing from Iran. The head of the Iran Action Group also warned other countries not to allow Iranian tankers to enter their maritime territory or use their ports. Brian Hook warned that countries hosting Iranian tankers will face U.S. sanctions. He also specified that companies insuring these tankers will be sanctioned. U.S. officials announced on Monday, November 5, the reinstatement of all sanctions against Iran's oil, gas, and shipping industries. However, it was announced that eight countries: China, India, Japan, South Korea, Turkey, Italy, Greece, and Taiwan will be temporarily exempt from these sanctions. Donald Trump announced on May 8 of this year the U.S. withdrawal from the nuclear agreement with Iran, known as the JCPOA, and ordered the reinstatement of all sanctions against the Islamic Republic of Iran. These sanctions have been implemented in two phases. U.S. officials stated at the time of the JCPOA withdrawal that they would give Iran's customers until mid-November to completely stop purchasing oil from the Islamic Republic. In this context, Mike Pompeo, the U.S. Secretary of State, stated that more than 20 countries importing oil from Iran have completely halted their imports from the country, cutting off the supply of over one million barrels of oil to the market.