The United States on Monday restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action to stop what Washington called its "outlaw" policies - steps that Tehran called economic warfare and vowed to defy.
The U.S. Treasury Department imposed penalties on more than 700 Iranian and Iranian-linked individuals, entities, aircraft and vessels in the new sanctions.
To keep the deal alive, the remaining parties to the Iran nuclear deal are trying to maintain trade with Tehran despite scepticism this is possible despite US sanctions to choke off Iranian oil sales. India's top oil supplier is Iraq, followed by Iran and Saudi Arabia. Russia, the United States and Saudi Arabia combined produced more than 33 million bpd for the first time in October, enough to meet more than a third of the world's nearly 100 million bpd of crude oil consumption. He said the sanctions were aimed at forcing "us to submit to (America's) will, no matter how absurd, unlawful or fundamentally flawed its demands are".
Analysts said expectations of an economic slowdown in coming months was outweighing supply-side risks to crude markets from the reintroduced US sanctions against Iran, which started on Monday.
Anadolu quoted Erdogan as saying: "We do not find sanctions to be right because to us, they are sanctions aimed at upsetting the global balance".
Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.
Japan says it is pleased to be temporarily spared from penalties as the US resumes sanctions on Iran. The Iranian regime to date since May has lost over $2.5 billion in oil revenue, he said.More news: Meghan Markle's 'Casual' Habit Could Get Her in Royal Trouble
The deal had seen most worldwide financial and economic sanctions on Iran lifted in return for Tehran curbing its disputed nuclear activity under United Nations surveillance.
A former Indian diplomat says his country earned a waiver from USA sanctions against Iran because of its reliance on Iranian oil and earlier moves to reduce imports.
This group takes as much as three-quarters of Iran's seaborne oil exports, trade data shows, meaning the Islamic Republic will still be allowed to export some oil for now. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".
"The Iran sanctions are very strong". However, fears of a supply shortage have been eased by the Trump administration's temporary waivers for China and India and stronger oil output from Saudi Arabia and the United States, CNN reported.
"In May, President Donald Trump pulled the U.S. out of the 2015 landmark Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous".
Iran is already in the grip of an economic crisis. Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran had agreed to stop its nuclear programme in exchange for relief from economic sanctions.
It also appeared that the USA, in another first, was directly sanctioning the Atomic Energy Organization of Iran, the government agency that oversees Iran's nuclear program.