Trump Calls On Allies to Quit Buying Iranian Fuel. Oil Prices Soar

India is reportedly preparing to Iran in rupees for oil cargoes it purchases from the country in a scheme meant to avoid the impacts of US sanctions

As a result of the last round of sanctions, initiated by the United Nations and reinforced by the U.S. and European nations, Indian crude purchases from Iran had dropped from an average of 320,00 barrels a day in 2011 to 190,000 barrels a day on the day the Iran deal - Joint Comprehensive Plan of Action - went into effect in 2016 (it was signed in 2015), ending the sanctions.

Iranian President Hassan Rouhani takes part in a news conference near the United Nations General Assembly in the Manhattan borough of NY, U.S., September 22, 2016.

Reports out of Tehran said vendors at Tehran's Grand Bazaar on Tuesday continued a rare strike that began a day earlier over the collapse of the rial on foreign exchange markets. "It is the traders of Tehran's Grand Bazaar that have taken to the streets protesting the rising prices and the plummeting value of Iran's currency".

Trump has said staying in the 2015 nuclear accord went against United States national security interests, as he criticised Iran for continuing its ballistic missile programme and for supporting conflicts in places such as Yemen and Syria.

The Iranian government is implementing new plans to control rising prices, including banning imports of over 1,300 products, preparing its economy to resist threatened USA sanctions.

This may cut Iran's hard currency earnings from oil exports, and the prospect is triggering a panicked flight of Iranians' savings from the rial into dollars.

"Today, despite the financial difficulties at home, the Iranian regime is pouring billions of dollars into Syria, Hezbollah, Islamic Jihad, Yemen, and Shiite militias in Iraq", the posts said, adding that Tehran has to date invested $14 billion in Syria alone.

State TV quoted Tehran's deputy governor Abdolazim Rezaie as saying "no one has been arrested in the Tehran protests", adding that all the shops will be open on Tuesday. Rouhani announced plans to boost Iran's foreign trade and give foreign companies a bigger role in its economy. The government argued that these goods could, instead, be produced in Iran.

Given the huge energy needs, India and China are major importers of Iranian oil.

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Iranian President Hassan Rouhani accused the U.S. on Tuesday of waging an "economic war" against his country.

"We are fighting against the United States, it wants to make an economic war", the president said. Iranian exports dropped to about 1 to 1.5 million barrels a day during the 2013-2015 period of strong U.S. and European economic sanctions.

The government is justifying its latest clampdown on imports by citing economic security.

The International Monetary Fund estimated in March that the government held $112 billion of foreign assets and reserves, and that Iran was running a current account surplus.

But as U.S. pressure constricts Iran's access to the worldwide banking system, its ability to deploy some of those resources may have suffered.

"Citizens of Iran, where'd your money go?"

Oil prices rose following the announcement.

In 2017, Iran sold an average of 755,000 barrels of oil to European buyers each day, and 1.37 million barrels to its patrons in Asia.

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