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"We are prepared to work with countries that are reducing their imports on a case-by-case basis,” said Brian Hook, the department’s director of policy and planning.

India hopes to avoid an abrupt end to oil imports from Iran without triggering sanctions even as it readies a rupee payment mechanism for oil imports from the Islamic Republic.

President Donald Trump piled pressure on close U.S. allies with a threat to sanction European companies that do business with Iran.

Even though oil prices are bound to jump after the US re-imposes sanctions on Iran, Washington won’t tap its own oil reserves as the country is confident that increased production from Saudi Arabia and Russia will meet the supply gap, Energy Secretary Rick Perry said.

Turkey will not heed the State Department’s call on US allies to stop importing Iranian crude oil by November 4, when the latest sanctions will kick in.

President Donald Trump’s sustained bid to disrupt Iran’s petroleum exports could soon help to push oil prices above $90 a barrel, analysts in Bank of America Merrill Lynch, said.

The United States said on Tuesday that it will impose sanctions against all importers of Iranian oil by Nov. 4, a surprisingly tough position that roiled oil markets and is likely to further alienate allies and adversaries alike.

India plans to make some oil payments to Iran in rupees in a bid to avoid US economic pressure on Tehran, according to several Indian government sources.

Washington has asked Tokyo to halt all crude purchases from Iran, insisting that its allies cease all trade with the country.

Oberbank, famous Austrian bank, will withdraw from Iran owing to the U.S. sanctions.