U.S. sanctions on Iran, 'toughest ever,' take force Monday

Oil markets look for alternatives as US sanction on Iran hit

U.S. sanctions on Iran, 'toughest ever,' take force Monday

A first round sanctions was imposed on the Middle Eastern country in August.

"In a single move, the United States is dealing a critical blow to Iran's entrenchment in Syria, Lebanon, Gaza, Iraq and Yemen".

However, President Donald Trump's personal lawyer, Rudy Giuliani, and National Security Adviser John Bolton both have made public statements supporting overthrowing Iran's theocratic Government.

Along with a continuous stream of worrying economic data out of China, and broader demand for energies seeing threats, U.S. crude oil sees a futures curve that has, up until now, forecast tightening expectations of tighter supply, and now forward-dated contracts are hinting that crude demand could be swept over by a tidal wave of supply in the months ahead.

ASSOCIATED PRESS As the Trump administration restored all sanctions lifted under the nuclear deal, demonstrators attended a rally in front of the former U.S. Embassy in Tehran, Iran on Sunday to mark the 39th anniversary of the seizure of the embassy by militant students. Trump announced the U.S.'s withdrawal from what he described as "the disgusting, one-sided" nuclear deal.

The renewed sanctions are designed "to paralyse (Iran's) economy and keep it backward".

"We are in regular contact with other signatories of the nuclear deal. setting up (a) mechanism to continue trade with the European Union will take time", Iran's Foreign Ministry spokesman Bahram Qasemi told a weekly news conference on in Tehran.

They carried placards that mocked President Donald Trump, wiped their feet on fake dollar bills, and engaged in the usual ritual of burning the USA flag.

The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said.

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Before travelling to a campaign rally for the United States midterm elections, President Trump said Iran was already struggling under his administration's policies.

In addition, the Brussels-based Swift network for making worldwide payments is expected to cut off links with targeted Iranian institutions, isolating Iran from the global financial system.

In all, eight countries will receive temporary waivers to allow them to continue importing Iranian oil after the penalties take effect.

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

Exports to India concurrently dropped, according to Bloomberg, while China, Tehran's biggest oil buyer, has not cut purchases.

What has the reaction been in Iran?

"There's a key fact here: in this 40-year challenge, the defeated is the USA and the victorious is the Islamic republic".

Iranian students stormed the US Embassy on November 6, 1979, shortly after the Islamic Revolution, taking 52 Americans hostage for 444 days. "Act on your commitments, and we will sit and talk", he said.

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