USA secretary of state Mike Pompeo said Friday that the U.S. would temporarily allow eight countries to continue buying Iranian oil even after enforcing its sanctions on Tehran. "Two of the jurisdictions will completely end imports as part of their agreements".
After topping out at more than $75 and $85 a barrel just a month ago, both US crude and Brent benchmark futures have grappled with near-relentless selling. They were in captivity for 444 days in what remains the longest hostage crisis in history.
Pompeo maintained that despite the waivers, "these sanctions have already had an enormous impact". Pompeo pointed to Iranian missile development and its involvement in conflicts across the Middle East, as well support for terrorism and assassinations of dissidents in Europe. Pompeo said: "Every effort is aimed at giving the Iranian people the government that they not only want but deserve".
He told reporters: "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country".
U.S. sanctions on Iran's oil sector are set to come into effect on November 5, after U.S. President Donald Trump pulled his country out of the 2015 Iranian nuclear deal in May.
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A day ahead of the anti-Iranian sanctions coming back into force, thousands took to the streets of Tehran to condemn the U.S. and Donald Trump.
The European Union has gone so far as to protect businesses that operate in Iran.
Earlier in an interview with the Sean Hannity Show, US Secretary of State Mike Pompeo alleged that Iran was the world's largest state sponsor of terror.
Trump has yet to comment on the Game of Thrones cast and crew's comments to his post we'll definitely be on the lookout to see if any more words or posts are exchanged in the near future. The sanctions hurt a lot. That was one of the most ridiculous deals ever made by any country, at any time: "the Iran nuclear deal", he said.
Pompeo said the United States would grant exemptions to eight countries that have pledged to or have already cut back on purchases of petroleum from Iran, which has long depended on crude exports to power its economy.
The sanctions penalise other countries which do business with Iran.
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Mnuchin also stated that, as it was prior to the deal, "humanitarian transactions to non-designated entities" will be allowed to continue using the system.
Iran exported the equivalent of 2.5 million barrels a day in April, before the announcement of sanctions turned buyers away.
"We remain committed to implementing the JCPOA as a matter of respecting worldwide agreements and of our shared global security, and expect Iran to play a constructive role in this regard".
"It's basically magical thinking. America has been defeated by the Islamic Republic over the past 40 years".
The official White House Twitter account also quote-tweeted Trump's announcement, writing, "The United States has launched a campaign of economic pressure to deny the regime the funds it needs to advance its bloody agenda!"
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