Turkey among 8 countries granted waiver on USA oil sanctions against Iran

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In a sweeping list, the Treasury Department labeled an additional 700 entities, including individuals, banks, vessels, aircraft and Iran's energy sector as part of its decision to reapply harsh sanctions that kicked in early Monday morning.

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

South Korea said on Monday it has been granted a waiver to at least temporarily continue to import condensate, a super-light form of crude oil, from Iran and also still continue financial transactions with the Middle East country.

"Today, Iran is able to sell its oil and it will sell", Rouhani vowed Monday as the sanctions kicked in.

Washington has also said that it wanted to stop what it calls Teheran's "malign" activities including cyber attacks, ballistic missile tests, and support for terror groups and militias in the Middle East.

The president in May pulled out of the Iran nuclear deal made by the Obama administration.

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".

Israel's defense minister is welcoming newly restored US sanctions against Iran, saying they will deal a "critical blow" to Iran's military presence around the Middle East.

Joining the press conference, Treasury Secretary Steven Mnuchin said Iran will face mounting financial isolation and economic stagnation until they fundamentally change their destabilising behaviour.

The sanctions end all the economic benefits America granted Tehran for its 2015 nuclear deal with world powers, though Iran continues to abide by the accord that saw it limit its enrichment of uranium.

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The president believes his "maximum pressure" strategy is working.

On Saturday night, Israeli Prime Minister Benjamin Netanyahu in a statement thanked U.S. President Donald Trump for reimposing the sanctions.

Gen. Gholam Reza Jalali, the head of country's military unit in charge of combatting sabotage, said last week that President Hassan Rouhani's cellphone was tapped recently. These are not permanent waivers, no way.

"We've already seen the consequences in Iran", Bolton told FOX Business' Maria Bartiromo.

In early October, US Secretary of State Mike Pompeo said Washington would consider waivers for the importers of Iranian oil to give them time to adjust to the new conditions, but expected all countries to eventually reduce their oil imports from Iran to zero.

Iranian oil exports have fallen by about a million barrels a day in that time, though India and China have continued to purchase it.

"Iran, right now, is in the escape and evasion mode". "And we're going to provide that to them".

"These sanctions have already had an enormous impact", Pompeo said, adding that Trump's policy will be "fully in place" as of Monday.

Asked if the USA had firm commitments from India and China to stop all oil purchases from Iran within six months, Pompeo replied: "Watch what we do". "The rial, the currency, has declined by 70 percent since the sanctions, inflation has quadrupled".

Looking ahead, the USA mid-term election results remain the key event risk for the USD-denominated oil, as market eagerly await the U.S. weekly fuel stocks report for some direction on the prices.