The U.S. president has announced the world market can handle further sanctions on Iranian oil exports.

The U.S. Secretary of State announced that, together with the international community, the United States is prepared to intensify pressure on Iran until the Islamic Republic addresses concerns about its nuclear program.

Reuters also reported yesterday that Iran’s crude exports have fallen to an unprecedented low with less than 700 barrels a day in May.

Prior to the unilateral U.S. and EU sanctions, Iran exported 2.2 million barrels a day.

The Reuters report adds that the U.S. Congress is planning to ratchet up sanctions on Iranian oil exports this summer and is looking at a complete boycott on Iranian crude.

Two days ago, the U.S. announced new sanctions on Iran’s automotive industry and national currency. According to these sanctions, any financial institutions that make transactions in rials will be eligible to be sanctioned by the United States.

Despite the intensification of sanctions, Iran insists that its nuclear program is peaceful and it has a right to exploit nuclear power for peaceful purposes.