Oil prices fall as USA grants Iran sanction waivers to eight importers

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US President Donald Trump's administration reinstated all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it, reports the BBC.

Seoul also won an exemption from the United States to continue financial transactions with the sanctioned Iranian central bank to facilitate oil imports, the official said.

Demonstrators in Iran attend a rally in front of the former U.S. Embassy in Tehran Sunday, marking the 39th anniversary of the seizure of the embassy by militant Iranian students.

He said his country will "proudly bypass" Donald Trump's "illegal" and "unjust" sanctions by selling oil.

Since Mr Trump said in May that he would reimpose sanctions, two big developments may have affected his thinking. But Iranian people do not think like mullahs. Tom Cotton of Arkansas, Marco Rubio of Florida and Ted Cruz of Texas - have said the new sanctions aren't tough enough and have drafted legislation that would require the Trump administration to demand that Iran be suspended from the global bank transfer system.

Israel had long opposed the Iran nuclear deal, saying it was too limited in scope and timeframe.

The measures are the second batch the USA administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May despite objections from close allies in Europe.

Mr. Trump himself has embraced the sanctions as he faces a tough mid-term election in the USA that could change the balance of power in Congress.

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He has previously denied charges filed in Malaysia, adding that it would be impossible for him to receive a fair trial there. Both men were charged with conspiracy to commit bribery and conspiracy to commit money laundering.

The measures target Iran's vital energy and banking sectors. "Today, Iran is the most powerful country in the region for producing conventional arms - from tanks to airplanes to jet fighters, missiles, everything", Mousavian said.

Speaking at a daily news briefing in Beijing, Chinese foreign ministry spokeswoman Hua Chunying said China's lawful trade cooperation with Iran should be respected, and expressed regret at the re-imposition of sanctions.

South Korea has just confirmed that they have gotten exemption on Iranian oil imports and that they are allowed to continue transactions with the Iranian central bank as well.

But Trump's announcement in May helped fuel a run on Iran's currency that has seen the rial lose more than two thirds of its value, driving up prices and forcing the government to resort to food handouts for the country's poor.

Later a senior State Department official told reporters that the U.S. was ready for talks with Iran.

Iran is already in the grip of an economic crisis.

On Monday, Tehran greeted the sanctions with air defense drills and an acknowledgement from President Hassan Rouhani that the nation faces a "war situation". But "Iran has weathered multiple rounds of sanctions before".

"We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran", Mr. Novak said in an interview with the Financial Times. "This is a substantial drop", she said, adding that the ultimate goal was to deprive the regime of revenue it gets from oil.

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