“It is our intention to squeeze them very hard. As the British say: ‘Squeeze them until the pips squeak,' " Bolton told reporters on Tuesday in Singapore where he is attending the ASEAN Summit with Vice President Mike Pence.
Bolton had been in Abu Dhabi meeting with the Emir and Saudi officials while attending an energy summit where Riyadh announced its intention through OPEC and its allies to reduce global oil supply by 1 million bpd.
“The objective has been from the beginning to get oil exports from Iran down to zero,” Bolton said.
His remarks come on the heels of Iran Foreign Minister Javad Zarif and US Secretary of State Mike Pompeo's Twitter spat over the legality of unilateral US sanctions now targeting trade and energy.
Eight countries have received exemptions from the sanctions, not including Iraq which was later permitted to continue purchasing electricity and natural gas from Iran until late December.
In an interview with Iran's Dolat broadcaster on Monday, Zarif acknowledged the power of the US military; however, cautions of its fall.
"The excessive use of any strength leads to its demise and a reaction by the international community," he said.
"The America-first approach in fact has created a backlash in the international community," he added.
The International Monetary Fund forecasts Iran's economy to decrease by 1.5 percent in 2018 and 3.6 percent in 2019.
Bolton warned on Friday that more sanctions are possible.
The United States pulled out of the Iran nuclear deal in May.
The IAEA, which is the UN's nuclear watchdog, reported on Monday that Iran has been abiding by the terms of the nuclear deal.
"Nothing that indicates that... cooperation from Iran or its attitude has changed since 5 November," read the report.
