Iran launches military drill in response to return of USA sanctions

Iran's Supreme Leader Ayatollah Ali Khamenei

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Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 United States embassy takeover as Washington restored all sanctions lifted under the 2015 nuclear deal.

"Thank you President Trump for this historic action".

The US withdrawal from the nuclear deal has already had a huge effect, including the devaluing of the Iranian rial and oil exports falling by about a million barrels a day.

WTI barrels are now testing the 62.60 region, playing to the downside in early trading after the US' Friday announcement of Iran sanction oil-buying waivers.

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

"There are a lot of experts ... that said President Trump's policy wouldn't have any impact because it was just the United States and other countries weren't participating", Pompeo said. "Sagging refining margins at a time of weak crude prices sends a very telling message to us that demand is underperforming", he said.

"Trump thinks that he can take the global community with him as he embarks on his economic war against Iran".

The secretary of state dismissed suggestions from experts, cited by the Fox New interviewer, that India and China will never stop buying oil from Iran. Most Europeans, as well as Japan and South Korea, have stopped.

The ghost of USA sanctions on Iran seems to have calmed down at least for major energy importing countries like India.

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US Secretary of State Mike Pompeo announced on Friday that eight countries will be getting some amount of a waiver from the US's oil sanctions which kick in Monday evening.

Iran's military was also quoted as saying it would hold air drills on Monday and Tuesday to prove the country's defensive capabilities.

Iranian army general Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard are taking part in the exercise.

The U.S. will issue waivers on Iranian oil to eight jurisdictions.

"We are in the war situation", Rouhani said.

First, keep in mind that in addition to these countries, Russian Federation is thumbing its nose at the United States pressure campaign and is assisting Iran in a variety of ways economically.

Another said: "America is not our enemy, our enemies have taken us as hostages in our own home [country]". Selling notably accelerated on Thursday after US West Texas Intermediate crude futures fell below US$65 a barrel, a level that had stood firm in previous sell-offs during the summer and autumn.

Kahwaji said the sanctions' primary objective is to get Iran to return to negotiations and agree to a new treaty, whereby it would restrict its ballistic missile program and remove the so-called sunset clause for its nuclear program.

While the concession will definitely blunt the impact of U.S. nuclear sanctions on Iran, Pompeo justified it by saying the list of waivers is far smaller than the 20 countries that were exempted from American sanctions under the previous Barack Obama regime.

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