"America wanted to cut to zero Iran's oil sales. but we will continue to sell our oil.to break sanctions", Rouhani told economists, adding the sanctions were illegal and unfair.Oil prices rose as the sanctions went into effect, with worldwide benchmark Brent crude up by more than $1 to a session high of $73.92 a barrel. "Today the enemy (the United States) is targeting our economy. the main target of sanctions is our people", Rouhani said.
The United States has banned nearly all direct USA dealings with Iran for decades. The Chinese Foreign Ministry reiterated its objections to sanctions, but would not directly say whether China had been granted an exemption. The U.S., Britain, China, France, Russia and Germany signed that agreement, along with Iran. The Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to its highest level since 2016, led by UAE and Libya. However, it allowed China, India, Italy, Greece, Japan, South Korea, Turkey and Taiwan, China to continue to import crude from Iran for now, US Secretary of State Mike Pompeo said yesterday.
Crude from the Kirkuk field in northern Iraq is being shipped by truck to Iran.
Among the targets are 92 entities owned or controlled by Ghadir Investment Company, which the U.S. government had previously identified as an investment firm with ties to the Execution of Iman Khomeini's Order, a state-owned enterprise under direct control of Iran's Supreme Leader.
European powers that back the nuclear deal opposed the reimposition of sanctions.
Meanwhile, the expert was not optimistic about the possibility that Iran would negotiate another deal with the United States.
The U.S. retains the flexibility to tighten sanctions further in coming months, but Monday's measures will deprive the rulers in Tehran of more cash for their foreign adventures.
In addition, Pompeo said the United States has granted waivers to continue three nonproliferation projects that provide oversight on Iran's nuclear programme.
The US advised SWIFT, the global messaging network that connects the world's financial institutions, to cut off its service for designated Iranian financial institutions.
The European Union, France, Germany and Britain said they regretted the USA decision and would seek to protect European companies doing legitimate business with Tehran.
Meanwhile, the Democratic Party leadership criticised Trump for giving exemptions to some of the major Iranian oil importers.
Alamolhoda, an influential figure on the government's Assembly of Experts, told his followers that Iran would launch a missile attack against "all Persian Gulf countries" in the event its oil markets are curtailed. That should have driven oil prices up due to concerns over lack of supply.
On Monday, worldwide benchmark Brent crude oil futures were up almost 0.6 percent to $73.23 a barrel and U.S. crude futures were up 0.4 percent at $63.39 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.6 percent, at $62.79 a barrel.
Iran's exports peaked at 2.8 million barrels per day (BPD) in April, including 300,000 barrels per day of condensate, a lighter form of oil that when underground tends to exists as gas.