Nasrallah: Trump's decision on Iran oil to raise prices

The Hezbollah leader said that this decision will pose challenges for the US market, xinhuanet.com reported.

'If Trump prevents Iran and Venezuela from exporting oil, supply will drop which will lead to an increase in oil prices and the US market will be affected, according to analysts in the United States,' Nasrallah said in a televised speech on the 34th anniversary of the founding of the Imam-Mahdi Scouts.

The Trump administration announced Monday a decision not to reissue waivers to sanctions on countries importing Iranian oil, after the current waivers expire in early May.

The United States said Monday that Saudi Arabia and the United Arab Emirates have agreed to ensure an appropriate supply of oil for the markets in order to make up for the loss of Iranian oil in the global market.

'We are witnessing a new scene of American arrogance, tyranny and aggression,' Nasrallah said, commenting on the US move.

Nasrallah stated that the United States failed to win over Iran and Syria militarily so it is attempting to weaken them financially.

'We should all refuse American policies against Iran and other countries because they are not only momentarily decisions, but also bound to impact the lives of people on the long-run,' he said.

Nasrallah said that Trump's administration is not acting in respect for the United Nations Security Council or the international community and resolutions.