Pradhan credits USA waiver on Iran oil imports to PM Modi

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

Prices have since eased, aided by the U.S. decision to allow waivers for India, Japan, South Korea and others.

Angered at what he describes as a awful deal, President Donald Trump earlier this year pulled the USA out of a multilateral agreement reached with Iran in 2015, under which strict controls were placed on Iran's nuclear programme in return for the lifting of a wide range of sanctions.

On Friday afternoon Trump tweeted an image of himself with the words "SANCTIONS ARE COMING" sprawled across him in the same font as the HBO show uses.

Pompeo said the U.S. 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.

Secretary of State Michael Pompeo said earlier Friday that the U.S. would grant eight temporary waivers for countries to keep importing Iranian crude oil after sanctions snap back on Monday.

Later, a senior State Department official told reporters that that the US was ready for talks with Iran. USA production hit a record 11.3 million barrels a day in August, and Russia's output rose to 11.4 million bpd, a post-Soviet era peak.

Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors to try to force the Islamic Republic into negotiations to scrap its nuclear energy and ballistic missile programs and end its support for proxies in conflicts across the Middle East.

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Trump announced in May he was withdrawing the U.S. from a landmark 2015 nuclear deal with Iran and reimposing sanctions, sparking outrage among world powers who say Tehran has been complying with commitments to restrict its atomic programme. They went on to say that the nuclear deal, "is working" and call it "crucial for the security of Europe, the region, and the entire world".

Iran's economy isn't directly reliant on the USA financial system, says Richard Nephew, a sanctions expert and senior researcher at Columbia University.

Those factors, along with a spate of recent weak economic reports out of China and other emerging markets, have shifted the conversation back toward worries about oversupply, and pushed USA futures to lows not seen since April, interrupting an upward move that had consistently found support during the rally's modest pullbacks.

To punish Iranian banks, US Treasury Secretary Steve Mnuchin said SWIFT - which enables secure bank-to-bank communications and transactions - will also face sanctions if it provides services to blacklisted Iranian financial institutions.

"America will not be able to carry out any measure against our great and courageous nation".

Iranians have begun holding rallies across the country to mark the anniversary of the 1979 takeover of the U.S. embassy in Tehran.

However, ordinary Iranians fear an even more painful squeeze, from businesses struggling to buy raw materials to the sick and elderly unable to afford life-saving medicines.

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"I can not even buy rice to feed my children or pay my rent", said elementary school teacher Pejman Sarafnejad, 43, a father of three in Tehran.

The EU, France, Germany and Britain - all co-signatories, along with Russian Federation and China, to the nuclear deal with Iran - said in a joint statement on Friday they regretted Trump's decision to restore sanctions on Iran.

"While the European Union has sought to create a unique financing mechanism to access the Iranian market, the private sector has taken the lead by staying away due to it wanting to access the United States market", he said.

They target the country's oil and financial sectors.

Pradhan also expressed hope that India and other leading oil buyers will benefit from the waiver the United States has granted them from Iran sanctions.

Japan has been among the nations seeking waivers on the USA -led ban.

Brent crude futures [LCOc1] fell 23 cents to $72.66 a barrel, a 0.3 percent loss, by 1:08 p.m. EST (1708 GMT).

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"The magnitude of recent selling is strongly suggesting that global oil demand is weaker than expected as a result of tariff issues, especially between the US and China", said Jim Ritterbusch, president of Ritterbusch & Associates.

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