Pompeo talks up Iran sanctions ahead of midterm elections

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According to industry experts, bringing oil from the U.S. may be expensive due to distance.

Israeli Defense Minister Avigdor Lieberman has welcomed the new package of anti-Tehran sanctions, introduced by President Donald Trump's administration, describing the restrictions as a "critical blow" to the Islamic Republic's position in the region.

Rohani also vowed that Iran will "proudly bypass" US sanctions to sell oil.

Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production.

Iran's supreme leader Ayatollah Ali Khamenei said Saturday that the biggest loser of all was the U.S. But "Iran has weathered multiple rounds of sanctions before".

Mr Trump pulled the United States out of the nuclear pact after branding it the worst deal in American history. I am grateful for the intercession of President Trump and his national security team.

When asked whether the administration's efforts would push Iran closer to a nuclear bomb, he replied: "We are confident that will not happen".

The United States reimposed sanctions on Iran's oil industry and financial sector Monday, following through on President Donald Trump's pledge to roll back relief Iran received as part of the global agreement to limit its nuclear program. Trump said on Friday that Iran's government must "either abandon its destructive behavior or continue down the path toward economic disaster".

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy. "Secretary Pompeo has been very clear that we have an ear open to what is possible".

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South Korea was also granted an exemption from Washington to continue financial transactions with the sanctioned Iranian central bank to facilitate oil imports, according to the official. "This new USA president. has disgraced the remnant of America's prestige and that of liberal democracy".

The sanctions end all the economic benefits America granted Tehran for its 2015 nuclear deal with world powers.

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"With God´s help and the resistance and perseverance of the pious and revolutionary people of Islamic Iran, this last weapon of the enemy - the economic war - which is accompanied by America´s widespread media operation against the nation of Iran, will be defeated", Jafari said.

Rallies replete with "Death to America" chants are staged on the embassy takeover anniversary every year, but US-Iranian rancour is especially strong this year following Trump's decision in May to withdraw the United States from a 2015 worldwide nuclear deal and reimpose sanctions on Tehran.

Hardline students stormed the embassy on November 4, 1979, soon after the fall of the USA -backed shah, and 52 Americans were held hostage there for 444 days. The renewed sanctions are designed "to paralyse the (Iran's) economy and keep it backwards".

"Our youth, across the country, support independence".

More than 700 individuals, entities, vessels and aircraft were now on the sanctions list.

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"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.

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