Trump administration Iran sanctions take effect

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

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

President Donald Trump´s administration reimposed sanctions lifted under the 2015 nuclear deal after pulling out of the worldwide agreement reached between Iran, the United States and five other powers: Britain, France, Germany, China and Russian Federation.

Iran's foreign ministry is shrugging off the re-imposition of US sanctions on Iran, saying it's nothing new and that the country has gone through a wider range of sanctions in the past.

The latest tranche of USA sanctions aims to significantly cut Iran's oil exports - which have already fallen by up to one million barrels a day since May - and cut off its banks from global finance.

Israel's prime minister is lauding the newly restored USA sanctions against Iran as "historic", saying they will "strangle" what he described as Iranian state-sponsored terrorism. "They know very well that their economic problems are caused by the Iranian regime and not the United States", Mr Hook said in a conference call with reporters.

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

The Trump administration has reimposed all sanctions previously put on hold under the Obama-era Iran Nuclear Deal.

The US on Monday unleashed its "toughest ever" sanctions against Iran, a move that has already sparked mass protests in the oil-rich nation.

Secretary of State Mike Pompeo argued that the new Iran sanctions - going into effect one day before the USA midterm elections - are tough enough to keep the Islamic Republic from pursuing a nuclear weapon.

U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel.

However, a South Korean official told Reuters early on November 5 that it had been granted a waiver after it asked for "maximum flexibility" from Washington.

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The countries allowed to keep buying oil from Iran temporarily under the sanctions include China's two biggest oil customers, China and India, Pompeo announced.

Iranian President Hassan Rohani said in a televised speech Monday that Iran will break the US sanctions and continue to sell oil.

Iran has said it will defy the reimposition of sanctions, which target the country's oil exports and financial transactions.

Iran said it would defy tough sanctions reimposed by Washington on Monday, dismissing as "economic war" the USA drive to curb Tehran's missile and nuclear programs and diminish its influence in the Middle East. Iran denies the allegations.

The measures bring back bans on the purchase of Iranian oil, which is a major part of the country's economy.

China and the European Union have both expressed opposition to the U.S. sanctions.

"We are in a situation of economic war, confronting a bullying power".

'We are in the economic war situation.

Thousands of Iranian students have been chanting "death to America" at government organised rallies on the eve of new sanctions. "Act on your commitments, and we will sit and talk", he said.

Elsewhere in his remarks, FIEO head Gupta said Indian exports to Iran during the last fiscal year stood at $2.5 billion, which was less than 1 percent of India's total exports of around $302.8 billion.

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