IRGC Commander Threatens 'Dominance' Over The U.S. In Mideast

Iranian Crowds Chant 'Death To Israel,' 'Down With U.S.'

Mr Hook told Reuters: "Our oil sanctions have taken off 1 million barrels of Iranian oil off the market, and that alone has reduced the regime's revenues by more than $2 billion".

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

President Trump says that he wants to get Iran back to the negotiating table.

Last year, Iran was the sixth-biggest oil exporter in the world.

It also covers an Iranian airline, Iran Air, and more than 65 of its aircraft.

Many of these companies initially were targeted by sanctions under President Barack Obama, but the restrictions were subsequently lifted when the US struck a deal with Iran in 2015 over its nuclear ambitions.

It offered Iran sanctions relief in exchange for reducing its nuclear development.

Mr Pompeo said more than 100 big global companies had withdrawn from Iran because of the looming sanctions.

Secretary of State Mike Pompeo is defending the Trump administration's reimposition of sanctions against Iran from conservative critics who argue more should be done to isolate the country.

Under US law, exceptions can be granted for up to 180 days.

The bearish pressure accelerated last week after the USA granted temporary oil exemptions to eight countries under the Iran sanctions.

The reimposed sanctions will also target Iran's central bank and the country's shipping and shipbuilding sectors.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

The United States imposed strict sanctions on Iran on Monday and threatened more action to stop Tehran pursuing "outlaw" policies, steps the Islamic Republic condemned as economic warfare and vowed to defy. Iran denies the allegations.

He also called the sanctions that went into effect on Monday "fruitless" and part of the USA propaganda and psychological war against Iran.

Earlier, thousands of Iranians chanted "Death to America" at a rally to mark the anniversary of the seizure of the U.S. Embassy during the 1979 Islamic Revolution.

While in a dramatic escalation of rhetoric, the Iranian President said the country now faces a "war situation".

The US will allow civilian nuclear projects at three sites - Arak, Bushehr and Fordow - to continue "under the strictest scrutiny", to "ensure transparency and maintain constraints" on Iran, the State Department said.

However, President Donald Trump's personal lawyer Rudy Giuliani and the president's national security adviser, John Bolton, have both made public statements supporting the overthrowing of Iran's theocratic government.

The sanctions end all the economic benefits America 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.

The ministry's spokesman, Baharam Ghasemi said the sanctions would backfire and work against the U.S. and that "many countries from Europe to Russian Federation and China have opposed the sanctions". The legislation also implies that European courts could nullify United States decisions regarding sanctions.

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