However, Secretary of State Mike Pompeo said that eight countries - India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey - were temporarily allowed to continue buying Iranian oil as they showed "significant reduction" in oil purchase from the Persian Gulf country.
Washington re-introduced sanctions against Iran on November 5, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.
All the US sanctions on Iran that had been removed under the 2015 Iranian nuclear deal were restored by the United States on Friday and came into force on Monday. "Exempting eight countries from the USA sanctions means Iranian oil will continue to flow and there's no longer risk of a supply shortage", he said.
During the previous wave of sanctions on Iran in 2012 exemptions were given to China, India, Taiwan, Japan, Turkey and European Union countries such as Italy, Greece and Spain for a total amount of over 1 million barrels per day.
The Trump administration on Monday reimposed sweeping sanctions on Iran, targeting its financial sector and oil industry to pressure the Islamic regime to cease nuclear weapon development and sponsoring terrorism.
"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.Oil prices rose as the sanctions went into effect, with worldwide benchmark Brent crude up by more than $1 to a session high of $73.92 a barrel.
"We've already reduced Iranian crude oil exports by over a million barrels per day".
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"China opposes unilateral sanctions and long-arm jurisdiction", AFP quoted foreign ministry spokeswoman Hua Chunying as saying at a regular briefing with reporters on Monday.
"This is an economic war against Iran but".
Oil prices rallied above $85 per barrel in October on fears of a steep decline in Iranian exports.
"Iran is a much different country than it was when I took office", said Trump.
Iran's clerical rulers dismissed the curbs.
In response, Iranian President Hassan Rohani told economists at a meeting broadcast on state television that Iran will break the sanctions and sell its oil despite the reimposed measures.
"Allowing these activities to continue for the time being will improve ongoing oversight of Iran's civil nuclear program", Pompeo said, "and make these facilities less susceptible to illicit and illegal nuclear uses". Sanctions the Obama administration imposed in 2010 included the Central Bank, effectively cutting off Iran from any US cash dealings, and the resulting pressure helped bring Iran to the talks that led to the Iran deal.
In particular the sanctions target Iran's vital energy sector and its shipping and shipbuilding sector and banking sector.
Despite this, Iran remains confident that it will be the United States who comes out worse. The US even exempted eight countries from the sanctions.