Trump Administration Reimposes Oil And Financial Sanctions On Iran

Oil markets look for alternatives as US sanction on Iran hit

US sanctions on Iran were fully restored Monday, opening a new phase of conflict between the two countries since Washington withdrew from the 2015 nuclear deal earlier this year.

After initially promising to drive the country to zero exports of oil, the USA has offered a waiver to eight buyers of Iranian crude, a move that Secretary of State Mike Pompeo defended yesterday.

The deal saw most worldwide financial and economic sanctions on Iran lifted in return for Tehran curbing its disputed nuclear activity under United Nations surveillance.

"America wanted to cut to zero Iran's oil sales.but we will continue to sell our oil.to break sanctions", Rohani said.

The sanctions end all economic benefits America had granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord that saw it limit its enrichment of uranium.

South Korea said on Monday it has been granted a waiver to at least temporarily continue to import condensate, a super-light form of crude oil, from Iran and also still continue financial transactions with the Middle East country.

"These negotiations are still ongoing", said US Secretary of State Mike Pompeo.

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France, Germany, Britain, and the European Union issued a joint condemnation Friday of the USA move, vowing to protect European companies doing "legitimate" business with Tehran.

"The Iran sanctions are very strong".

He further stepped up the rhetoric, comparing Iran's situation in the 1980s war against Iraqi dictator Saddam Hussein with the current one and President Donald Trump's move to reinstate USA sanctions.

Oil prices dipped on Monday as the start to USA sanctions against Iran's fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily. Iran is the world's No. 3 oil exporter.

"They need a little bit more time to get to zero", Pompeo explained.

The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the USA sanctions will be dissuasive.

Iran's supreme leader Ayatollah Ali Khamenei said Saturday that the biggest loser of all was the U.S.

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While now not threatening to resume higher enrichment, in recent months Iranian officials have made a point to threaten that it could resume at any time faster than before.

"America has launched an economic and psychological war as a last resort. The administration already leveled one major round of sanctions in August; now, it is restoring the complete set of sanctions - and even adding hundreds of names to the list, according to Treasury Secretary Steven Mnuchin".

The Trump administration is maintaining a delicate balancing act with waivers to ensure calm in the oil market on supply as well as price front, while ensuring that Tehran doesn't collect revenue enough to make USA sanctions irrelevant.

There have also been concerns about the price and supply of oil globally, meaning that without some Iranian oil the price might increase too fast - the price already having been much higher in recent months.

Iranian army Gen. Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard were taking part in the exercise.

"We are in the economic war situation", he said.

The seizure of the U.S. embassy by radical students was a key stage in the Islamic revolution of 1979, leading to a 444-day hostage crisis that permanently damaged relations between Washington and Tehran.

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