US Expects Zero Impact on Global Oil Markets From Iran Sanctions - Envoy

"We don't see any risk to the [global] energy market because the United States has increased its crude oil production," Hook said. "We're up by 1.7 million barrels per day. Our exports are up 1 million barrels. Over the next year, US production will increase by 1 million barrels per day or more. The Saudis have increased production. Iraq, Russia, they've all increased production."

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Hook noted that oil prices today are about equal to prices in May when the Trump administration scrapped US participation in the nuclear deal.

The Special Representative explained that Iran had lost "tens of billions of dollars" in planned international investments during the past six months, due to decisions by more than 100 major companies to sever commercial ties with Tehran.

"We have had more than 20 countries that imported Iranian oil prior to May have now zeroed out their imports because of our sanctions," the official added.

In May, US President Donald Trump announced that the United States would withdraw from the Iranian nuclear deal, and reimpose its sanctions against Iran that had been lifted under the agreement. The first round of the US restrictions entered into force in August, and a second, more severe round came into effect on Monday.