U.S. officially reimposes all sanctions lifted under 2015 Iran nuclear deal

Iranian officials are betting on the unstable market conditions to beat US sanctions

Secretary of State Michael Pompeo defended the temporary waivers granted to eight countries to continue buying Iranian crude oil for now against Congressional critics and others who say the U.S.is being too lenient on the Islamic Republic.

China denounced new USA sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic.

The Trump administration has worked to crush Tehran's oil exports to zero since May, when Mr. Trump withdrew the US from the multilateral deal endorsed by the Obama administration that eased global sanctions in exchange for curbs on Iran's suspect nuclear programs. Contrary to what he called "fueled misinformation", he stated that SWIFT, "if it provides financial messaging services to certain designated Iranian financial institutions...could be subject to sanctions".

Iranian crude oil exports have already been reduced by over 1 million barrels a day and will continue to fall, he added.

"Never threaten Iran", he warned US President Donald Trump, describing him as America´s "strange president".

Pompeo said the US moves have "had an enormous impact already".

The UK, Germany and France - which are among the five countries still committed to the nuclear pact - have all objected to the sanctions, the BBC said.

"Sanctions waivers being given to key purchasers of Iranian oil, most alarmingly China, give Iran a financial reprieve, and should be eliminated as soon as possible", Rubio said in a press release on Friday.

"America has launched an economic and psychological war as a last resort".

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Wallace then asked Pompeo if it's true that the Trump administration will be giving exemptions to China and India, and if so, does the White House "have a firm commitment that within six months, they will stop all oil purchases?"

HBO issued a warning to Trump after the USA president tweeted an image of himself looking off-camera while striding forward on top of a moody grey background, with the words "Sanctions are coming".

There are a lot of experts, Chris, that said President Trump's policy wouldn't have any impact because it was just the United States, and other countries weren't participating.

Tehran had vowed to smash the sanctions which target the Islamic republic's vital oil, shipping, insurance, energy and banking sectors.

The Trump administration is restoring all sanctions lifted under the 2015 nuclear deal in a bid to pressure Iran. "These sanctions hit at the core areas of Iran's economy, and they are necessary to spur changes we seek on the part of the regime".

The Trump administration has granted exemptions to eight countries to continue importing Iranian oil, without naming them.

United States president Donald Trump has said that the U.S. sanctions will hit Iran in a "big way" from 5 November, asserting that the "toughest-ever" punitive measures have been put in place for a "corrupt regime" in Tehran.

Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production. The move incensed USA allies in western Europe, who had begun to make significant investments in Iran, as a result of the Obama-era nuclear pact, known as the Joint Comprehensive Plan of Action, or JCPoA. "That is who really understands the actions we are taking", he added.

U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel. "The US has also been approached for increasing oil supplies if better terms were offered", said the official.

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