Iranian rials, US dollars and Iraqi dinars are seen at a currency exchange shop in Basra, Iraq November 3, 2018.
"Today is the day the U.S. under President (Donald) Trump's leadership imposed extremely harsh sanctions on Iran, the harshest sanctions imposed on Iran since the effort to curb its aggression began".
The United States reimposed oil and financial sanctions against Iran on Monday, significantly turning up the pressure on Tehran in order to curb its missile and nuclear programs and counter its growing military and political influence in the Middle East.
The sanctions target third parties that deal with Iran. Western nations say Iran aims to build nuclear weapons. Under the deal, Iran had agreed to limit its nuclear program and the worldwide community would lift the sanctions against Iran.
In particular the sanctions target Iran's vital energy sector and its shipping and shipbuilding sector and banking sector. "We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists".
Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production.
"We have chose to issue temporary allotments to a handful countries responsive to the specific circumstances and to ensure a well supplied oil market", Pompeo said.
The sanctions on Iran were lifted under its 2015 nuclear deal with world powers.
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"This new american president (...) has discredited what was left of the prestige of the United States and of democracy", tweeted Saturday, the supreme leader of iran, Ali Khamenei. "We expect to see more progress as our sanctions start to bite".
Iranian President Hassan Rohani said on Iranian television Monday that his country would try to continue to sell oil to break the US sanctions.
He said Washington believed the Iranian nation had lost their confidence in its clerical rulers.
Since May, when the U.S. first announced its plans to restore sanctions against Iran, Korean companies have reduced imports from Iran and diversified markets to favor other nations, such as Saudi Arabia, Qatar and Mexico.
"We are in the economic war situation. We are prepared to resist any pressure", Rouhani said.
United States president Trump has taken a hardline against Iran since taking office. Other parties to the deal, including Britain, France, Germany, China and Russian Federation, have said they will not leave.
FALLING EXPORTS Iran said it would ignore the sanctions. These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.
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World oil markets were on alert, nervously set to gauge the consequences of the sanctions.
South Korea said on Monday it had been granted a waiver to continue at least temporarily importing condensate from Iran and running financial transactions with the Middle Eastern country.
The US expects to have reduced Iranian oil exports by more than 1 million barrels even before Monday's tranche of economic penalties, which the US has long warned were incoming. WTI saw prices of $62.89.
Analysts feared in the run-up to the sanctions that global oil prices could spike on tight supply and increasing demand.
Iraq and Turkey have also previously said they expect to receive waivers, while news agencies have reported that Afghanistan, India, Italy, and Japan were likely to be granted exemptions. Many should choose the United States, or have already done so.
The Abu Dhabi National Oil Co plans to boost oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.
The ministry's spokesman, Baharam Ghasemi said the sanctions would backfire and work against the USA and that "many countries from Europe to Russian Federation and China have opposed the sanctions".
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