Oil prices drop over 1 percent on Iran sanctions waivers

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WASHINGTON/SEOUL‚ South Korea-The United States snapped sanctions back in place on November 5 to choke off Iran's oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.

Labeled by Trump as the "toughest ever", the sanctions took force early in the day as part of US efforts to ramp up pressure on Tehran to "change its behavior."Washington says the terms of the nuclear accord, under which sanctions against Iran were lifted in exchange for curbs on the country's nuclear activities, were not strict enough to prevent Iran from developing nuclear weapons".

Iran has dismissed these charges and maintains that its nuclear programme is for peaceful purposes.

One of the sources said the United States had attached some strings to the import allowance, including counterparty disclosures and laying open settlement methods, which were being evaluated before placing new orders with Iran.

They include more corporate entities and individuals compared with sanctions imposed on Iran during the tenure of President Barack Obama, Trump's predecessor.

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Iran's deputy foreign minister holds out little hope for negotiations to ease tensions between Iran and the United States now that the Trump administration has re-imposed sanctions.

US National Security Advisor John Bolton claimed that the nuclear deal with Iran failed to "permanently block all paths to an Iranian nuclear bomb".

The Russian diplomat says the sanctions go against worldwide law and practices, and that the US government's "policies of issuing an ultimatum and making unilateral moves are unacceptable these days".

"This is only the beginning of the Iranian production curtailment story, not the end", said Michael Tran, commodity strategist at RBC Capital Markets.

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". "It will be gradual", the U.S. president said. The President did not respond to a question about the waiver.

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Japan says it is pleased to be temporarily spared from penalties as the US resumes sanctions on Iran.

At the same time, the trade dispute between the United States and China is threatening growth in the world's two biggest economies.

Chief Cabinet Secretary Yoshihide Suga, however, told reporters Tuesday that Japan will monitor and analyze any possible impact the sanctions may have to make sure the sanctions do not adversely affect Japanese companies. Watch the efforts that President Trump's policies have achieved.

A US ally, Japan is one of eight major importers of Iranian oil that received waivers on immediate penalties. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".

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.

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Oil prices fell on Friday for a weekly loss of over 6 percent, as investors anxious about crude oversupply after the USA waivers. Secretary of State Mike Pompeo said he will name the "jurisdictions" on Monday.

S&P Global Platts reported on Tuesday that South Korea would be able to take around 4 million barrels a month (130,000 bpd) of Iranian crude and condensate under a USA sanctions waiver.