The diplomat's comments echo the official stance of the Iranian government, which says the recent rise in oil prices has offset the impact of USA sanctions on Iran's oil exports. The first would be that Mr Trump and his administration effectively blinked first in their dispute with Iran over its nuclear and missile programmes. These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.
Hook explained that entities allowing self-insured Iranian tankers to transit through their canals or dock in their ports may be facilitating Iran's illicit activity. It is reported that the United States is demanding that India restrict its yearly purchase to 15 million tonnes a year which would amount to only 300,000 barrels a day.
Trump reimposed sanctions on Iran on Monday, and in the lead-up to the announcement analysts feared global oil prices could spike.
"The Americans constantly said they would reduce the sale of Iran's oil to zero but I have to say that, so far, we have been able to sell our required amounts of oil", Tasnim news agency quoted Iranian Vice President Eshaq Jahangiri as saying.
This occurs under the realisation that U.S. sanctions against Iran may not yield as big a drop as feared while USA production continues to ramp higher and the growth outlook for 2019 is being called into question. The other two signatories - Russian Federation and China - are firmly opposed to the sanctions.
On October 3, WTI Crude prices hit $76.41, when the market was gripped by fear that much more Iranian oil than initially thought would come off the market due to the USA sanctions on Tehran.
"Oil revenues might decline but (they) will still be enough to run the country", said an official involved in Iran's worldwide commerce.
China's October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September. All of them maintain that they will continue to trade with Iran. We have so many countries that are on our side. In May 2018, however, Trump withdrew the United States from the agreement, making a return of sanctions all-but-inevitable.
The first round of penalties, which included cars, carpets, metals trading and access to the United States dollar, entered force in August. Since May, when Trump took Washington out of the nuclear deal, prices of bread, cooking oil and other staples have soared and the value of the rial currency has plunged.
The sanctions are meant to exert pressure on Iran to renegotiate its 2015 nuclear deal with world powers, which Trump walked away from this year. Still, Iran demonstrated considerable resilience and ingenuity in coping with earlier worldwide sanctions, and there is little to suggest Tehran could not do this again.