Any 'crazy measure' and US shall face consequence, Iran warns over oil sanctions

Iran on Wednesday announced that it will continue to find international buyers and supply oil to them, but the United States should "be prepared for the consequences" if it tries to stop Tehran.

Addressing media in New York City on Wednesday, Iranian Foreign Minister Mohammad Javad Zarif warned Washington against taking the "crazy measure" of attempting to block Iranian oil sales, Al Jazeera reported.

Zarif's remarks came after Washington on Monday announced it was ending waivers that have allowed some of Iran's largest oil customers, including India, to import fuel in limited volumes without facing financial penalties from the US.

The White House, in a statement, noted that the move means that buyers must stop purchasing oil imports by May 1 or face sanctions.

It is aimed at bringing "Iran's oil exports to zero" to deny Tehran "its principal source of revenue", the statement added.

The US, Saudi Arabia and the United Arab Emirates (UAE) are working to "ensure that supplies are made available to replace all Iranian oil removed from the market", it said.

Following the announcement, oil prices hit their highest level since November, on Tuesday, Al Jazeera reported.

The decision to end waivers has been viewed as US President Donald Trump's maximum pressure on Tehran to curtail its nuclear program and stop backing militant proxies across the Middle East.

Three of the eight countries, including Greece, Italy and Taiwan, which received the U.S. waivers, have already reduced their Iranian oil imports to zero.

The other countries that will now have to cut off Iranian oil imports or be subject to U.S. sanctions are China, India, Turkey, Japan and South Korea.

China and India are currently the largest importers of Iranian oil.

If the respective countries fail to pay heed to Trump's demands it may cause tensions in bilateral relations.

"The US decision to end sanctions waivers on Iran oil imports will not serve regional peace and stability, yet will harm Iranian people," Iranian Foreign Minister Mevlut Cavusoglu said.

"Turkey rejects unilateral sanctions and impositions on how to conduct relations with neighbours," he added.

On Wednesday, Iran's Supreme Leader Ayatollah Ali Khamenei said that "Iranians won't give in" despite Washington's attempts to ratchet up pressure on Tehran.

Iran has denounced the oil sanctions as "illegal" and accused the US of committing "economic terrorism".

Tensions heightened between Tehran and Washington earlier this month after Washington designated the Islamic Republic's elite Revolutionary Guard Corps (IRGC) as a "foreign terrorist organisation". In a tit-for-tat response, Tehran brandished the US as a "state sponsor of terrorism".