The White House will strictly enforce the upcoming secondary sanctions on companies that do business with Iran, President Trump reaffirmed on Sunday.
Trump announced earlier this year the U.S. would withdraw from the nuclear accord with Iran, spurring global confusion as international companies race to unwind their operations in the country. In the aftermath of that decision, the administration said it would sanction companies that continue to do business with Iran.
While some foreign governments are seeking to pass measures to force companies to adhere to the terms of the Iran agreement crafted under the Obama administration, Trump warned that those businesses would violate the new secondary sanctions.
“We’re protecting many of those countries,” he claimed on Fox News.
The U.S. decision to leave the Iran deal has contributed to global increase in oil prices. The Organization of the Petroleum Exporting Countries on Friday said it will boost oil production by 1 million barrels per day in July to help lower costs.
Trump criticized that agreement for not going far enough and tweeted on Saturday that King Salman of Saudi Arabia agreed to increase oil production by 2 million barrels.
“King Salman affirmed that the kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality,” the White House said in a statement.
