U.S. officials are now travelling the world in a dramatic effort to stop other countries from buying Iranian oil.
Purchases from Iran could slow from August as imports from Tehran are getting tougher after the United States in May pulled out of a 2015 nuclear deal and announced the renewal of sanctions against Tehran.
As an original signatory, the USA also pledged to waive secondary sanctions as long as Iran continued to abide by the deap.
Washington imposed a series of additional sanctions on Iranian entities and individuals, as well as foreign companies in Iran, squeezing Iran economically.
Trump's policies are already putting significant pressure on the Iranian economy, although U.S. intelligence suggests they may ultimately rally Iranians against the United States and strengthen Iran's hardline rulers, officials say.
The oil market has been speculating about how much of Iran's exports could be eroded by the USA sanctions, with analysts from BMI Research to Mizuho Securities predicting that China might boost its imports of cheap supplies from the state and offset cuts by other nations.
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Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran.
In return, United Nations-approved sanctions were lifted, and Iran was allowed to resume trading oil and gas on the global market.
"China and Iran unwaveringly maintain normal trade and economic ties".
What's next for Iran oil?
When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor.
USA nonfarm payrolls rose in July, but the United States trade deficit recorded its biggest increase in more than one-and-a-half years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill.
India's crude oil imports from Iran increased by about 30 percent to a record 768,000 barrels per day (bpd) in July, Reuters reported citing tanker arrival data.