Iran preparing for 2nd oil sale camping as bans return

This image taken from the Twitter account of President Donald J. Trump @realDonaldTrump shows what looks like a movie-style poster that takes creative inspiration from the TV series 'Game of Thrones' to announce the re-imposition of sanctions

Three Iraqi officials said on Friday that the USA has informed Baghdad it will be allowed to keep importing crucial gas, energy supplies and food items from Iran after Washington reimposes sanctions on Tehran's oil sector, according to Reuters.

The US has been gradually re-imposing sanctions since it unilaterally withdrew from the agreement, but analysts say this move is the most important because it targets the core sectors of Iran's economy.

Mnuchin added 700 more Iranian companies and people would be added to the sanctions lists under the re-imposed sanctions.

U.S. officials have already said the sanctions would be meant to bring down Iran's oil exports to zero.

"However, Iran has continued to support regional armed factions and to develop ballistic missiles despite the United Nations restrictions, and did so even when strict worldwide economic sanctions were in place during 2010-2015", the report said.

Trump set in motion the resumption of sanctions on May 8, when he announced US withdrawal from the 2015 deal between Iran and world powers under which Tehran had agreed to curtail its nuclear program in return for relief from sanctions.

"It looks like they'll open another channel, maybe another bank, and keep importing sizeable amounts, but there's still a lot to work out", he said.

The sanctions are part of what the Trump administration calls a "maximum pressure" campaign aimed at convincing Iran to abandon its nuclear program and end its support for USA foes in the Middle East. Pompeo says the campaign is working.

The White House has confirmed it is to reinstate all previous United States sanctions on Iran that were removed under the 2015 nuclear deal.

Meanwhile, Iranian state television reported that the Islamic Republic had started production of the locally-designed Kowsar fighter plane for use in its air force. India had been vocal at worldwide forums about rising oil prices and its impact on the economy.

The mechanism is seen as Iran's answer to the returning U.S. sanctions that would ban the country's oil exports, among other restrictions, from November 5.

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The crowd chanted "Down with U.S." and "Death to Israel" during the rally in the capital, and state TV said similar demonstrations were held in other cities and towns.

Mnuchin said today that SWIFT "would be subject to US sanctions if it provides financial messaging services to certain designated Iranian financial institutions" and that the U.S.

The sanctions, set to resume November 5, are "aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world", Secretary of State Mike Pompeo said in a call with journalists today.

Secretary of State Mike Pompeo on Sunday issued a thinly veiled warning to Russian Federation and China putting both countries on notice that it will suffer the consequences if they continue to purchase Iranian oil after USA economic sanctions on such exports snap back this week.

With buyers at the centre of oil majors' future growth plans, India, which meets 83% of its crude oil requirement through imports, has been pushing for a change in the global energy architecture.

Pompeo, meanwhile, expressed confidence that the United States is placing maximum pressure on Iran's government largely by targeting the energy industry.

Iran said on Friday that it had no concerns over the re-imposition of sanctions.

Oil prices fell about 1 percent on Friday and notched a weekly loss of over 6 percent, as investors anxious about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.

In a statement issued Friday night, Trump said, "Our objective is to force the regime into a clear choice: either abandon its destructive behavior or continue down the path toward economic disaster".

However, Mr Pompeo explained that some countries could not halt imports of Iranian oil immediately and they had been granted waivers on condition that they reduced them and eventually ended them entirely.

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