Oil slips as United States sanctions on Iran begin, Tehran defiant

Oil slips as United States sanctions on Iran begin, Tehran defiant

Oil slips as United States sanctions on Iran begin, Tehran defiant

US sanctions on Iran were fully restored Monday, opening a new phase of conflict between the two countries since Washington withdrew from the 2015 nuclear deal earlier this year.

The White House on Friday announced that "all the sanctions" relieved under the 2015 Iran deal would be reimposed, though at least eight countries - including major Iranian oil consumers India, South Korea and Japan - would get cutouts allowing them to continue purchasing Iranian oil.

Pompeo said the USA had already managed to reduce Iranian oil exports by a million barrels a day.

U.S. secretary of state Mike Pompeo has said the Trump administration is committed to reducing Iranian crude imports by its major buyers China and India to "zero" and warned ominously, but without specifics, "watch what we do".

Deputy Commander of Iran's IRGC has issued new threats against the United States, hours before additional sanctions come into play against the Islamic Republic. "Today, it's not just us who are angry with America's policies".

"Iran is a much different country than it was when I took office", said Trump, adding: "They wanted to take over the whole Middle East".

"Trump's bold decision is the sea-change the Middle East has been waiting for", Lieberman said in a statement.

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

US Secretary of State Mike Pompeo, during a a talk show on Fox News, repeatedly parried questions when asked about the commitment from India and China on zero-oil purchase from Iran. "The tougher they are on us, the more resistant we become".

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At a daily news briefing in Beijing, foreign ministry spokeswoman Hua Chunying did not directly comment on whether China had been granted exemption from the Iran sanctions by the United States.

However, analysts doubt this will materially lessen the impact of sanctions on Iran.

Washington has said it will ensure a well-supplied global oil market, with help from ally Saudi Arabia, as Iran oil is cut back.

"Never threaten Iran", he warned US President Donald Trump, describing him as America´s "strange president". "But they're not doing very well", he said.

"This is an economic war against Iran but".

Acclaimed British journalist Peter Oborne believes the strategy is doomed to failure, and will likely end in humiliation for the US.

It followed a fiery speech from Ayatollah Khamenei on Saturday, in which he warned the U.S. would not "re-establish the domination" it had over Iran before 1979.

"In the worst case scenario, it will result in a war whose consequences will be incalculable", he added.

India, which is the second biggest purchaser of Iranian oil after China, is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, sources in New Delhi had said last week. The other signatories to the nuclear deal have demanded that Iran accede to the FATF.

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