The country, the 3rd-biggest producer of crude within the Organisation of the Petroleum Exporting Countries, exported about 2.6 million barrels per day (bpd) in April.
President Donald Trump's decision to withdraw from the 2015 nuclear deal risks exposing European countries that have since invested in Iran to renewed United States sanctions after "wind-down" periods of three to six months expire.
Trump announced on Tuesday that he was pulling out of the deal curbing Iran's nuclear program, reintroducing sanctions on the Iran and those who trade with it.
Energy analysts expect other major customers of Iran - including close USA allies Japan and South Korea - to adhere more closely to new sanctions. A longtime critic of the 2015 deal, Trump has said he'll withdraw the USA from it if other partners - mainly Britain, France, and Germany - don't "fix" its perceived flaws.
Demonstrators alleged that Donald Trump wanted to scuttle the process of development by imposing more sanctions on Iran. ANZ bank said Trump's decision "puts into place a scenario that could see the crude oil market tighten significantly in H2 2018 and into next year". BofA doesn't expect Iran's crude oil exports to change much in the coming months. US crude production pushed to a fresh all-time high as explorers put the most drilling rigs to work in 3 1/2 years.
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The sanctions will have an impact on other industries too.
France, Britain and Germany have all said they will work with Iran to try to salvage the agreement.
The Trump administration made it clear that there would be no exceptions to its reinstatement of sanctions that had been lifted as part of the 2015 nuclear agreement signed between Iran and and the five permanent members of the UN Security Council - the US, UK, France, China and Russian Federation - plus Germany.
OPEC agreed to reduce output by about 1.2 million barrels per day in the deal.
The energy market is swinging wildly ahead of President Trump's announcement on the fate of the Iran nuclear deal. They said they would work with the other signatories to the 2015 deal Russian Federation and China which have stressed continuing support for the deal. He said companies doing business in Iran would not be able to generate new business but would be able to wrap up existing contracts.
Meanwhile, the United States government tried to further pinch Iran's finances by disrupting a currency exchange network allegedly used to transfer millions of dollars to Iran's Revolutionary Guard.