Published: Mon, November 05, 2018
Markets | By Otis Pena

Oil prices fall as United States grants Iran sanction waivers to eight importers

Oil prices fall as United States grants Iran sanction waivers to eight importers

The reimposition of the sanctions comes as the United States is focused on USA congressional and gubernatorial elections on Tuesday.

President Donald Trump announced in May that his administration was withdrawing from what he called the "worst ever" agreement negotiated by the United States.

An expanded U.S. blacklist, announced in October, took some in Iran by surprise as it targeted banks exempt from earlier rounds of sanctions.

Iranian President Hassan Rouhani vowed on Monday to defy United States sanctions on the country's petroleum sector, even as the conservative Guardian Council went further - rejecting a bill meant to relieve USA pressure.

Mike Pompeo, the secretary of state, said the aim was to force Iran to "abandon its destructive activities".

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

Sunday's (November 4) demonstration comes as Washington prepares to restore sanctions lifted under the 2015 nuclear deal.

"[Ms]. Mogherini and the European ministers once again reiterated their commitment to the 2015 Iran nuclear deal and emphasized the efforts to maintain financial channels with Tehran and the continuation of Iran's oil and gas exports", according to reports by Iranian state-run news outlet IRNA.

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It did not take long for the video to go viral, with many praising the former USA president Barack Obama . Democrats had a 9-point advantage in October's poll.

Thousands joined rallies in Tehran and other cities, carrying placards that mocked President Donald Trump, wiping their feet on fake dollar bills, and engaging in the usual ritual of burning the U.S. flag. "America's hard power, that is to say, their economic and military power, is declining too", he said on his Persian Twitter account, quoting a speech in Tehran.

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With new USA sanctions on Iran just hours away, Secretary of State Mike Pompeo is warning that they'll really pack an economic punch.

On Friday, Donald Trump's USA administration announced the restoration of sanctions on Iran's shipping, financial and energy sectors, the second batch of penalties to be restored after the U.S. president withdrew the United States from the 2015 nuclear agreement in May.

China says it is conducting normal cooperation with Iran within framework of worldwide law.

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.

In another interview that also aired on Sunday, this one to CBS News, Pompeo made clear that secondary sanctions for violating the Iran curbs will apply only to specific entities and not their countries. "Some may not be so religious but they are sensitive towards domination by foreigners".

On November 5, the second package of United States sanctions, re-introduced after Washington's withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and targeting in particular Iran's oil sector, takes effect.

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