Iran warns of "war situation" as Trump's toughened sanctions kick in

Oil markets look for alternatives as US sanction on Iran hit

Oil markets look for alternatives as US sanction on Iran hit

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

The US expects to have reduced Iranian oil exports by more than 1 million barrels even before Monday's tranche of economic penalties.

Iran's normally moderate President Hassan Rouhani told a group of state employees on Sunday that it was time to Iran is facing a "war situation" under the new and renewed USA sanctions, but as CBS News correspondent Elizabeth Palmer reported from Tehran on Monday, he is also vowing that Iran will continue to sell its oil overseas.

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

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.

Details of the sanctions will be released at a news conference scheduled for 8:30 a.m. EST (1330 GMT) with Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin. "We will ultimately move Iran to zero crude oil".

The Trump administration is restoring all sanctions lifted under the 2015 nuclear deal in a bid to pressure Iran.

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Among events held on the embassy anniversary was a cartoon exhibit called "Donald Salman" - a reference to the close ties between the US President and King Salman, ruler of Iran's arch-rival for regional predominance, Saudi Arabia. On Friday, the U.S. said it would add 700 individuals and entities to its Iran blacklist and push the SWIFT global banking network to cut off Tehran as Washington applies "maximum pressure" to cripple the country's economy.

More than 100 global companies have pulled their business from Iran due to the further sanctions. They are reported to include U.S. allies India, Italy, Japan and South Korea. "They will definitely have a gradual escalating impact on economic conditions and, subsequently, on the relations between Iran and the US". "These sanctions hit at the core areas of Iran's economy, and they are necessary to spur changes we seek on the part of the regime". The government sources said the finance ministry has given its nod to Iranian bank Pasargad to set up a branch in Mumbai, which will also help India to continue its oil supplies with Iran and make payment from the country. The deal limited Iran's enrichment of uranium.

Mr Pompeo added oil exports have fallen to nearly one million barrel a day, despite it being the biggest income for Iran.

The Trump administration has granted exemptions to eight countries to continue importing Iranian oil, without naming them.

While in a dramatic escalation of rhetoric, the Iranian President said the country now faces a "war situation".

It is 39 years since 52 American citizens were taken hostage and held for 444 days after hardline students stormed the USA embassy.

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