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A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005.

The restoration of USA sanctions on Monday targeting Iran's oil sales and banking sector is part of an effort by Trump to force Iran to halt its nuclear and ballistic missile programs outright, as well as its support for proxy forces in conflicts across the Middle East.

What remained in effect at that time was a general ban on USA trade with Iran and sanctions on Iran's support for regional governments and armed factions.

The US will reimpose oil sanctions against Iran on Monday.

New tough sanctions targeting Iran's oil sector, imposed by the United States, come into force on Monday.

The sanctions had been lifted under the 2015 nuclear deal with Iran and reimposed by Mr. Trump, who announced the US would withdraw from the pact earlier this year.

Harrell said the administration was concerned not to drive up the oil price with its sanctions against Iran.

The Trump administration announced Friday it will reinstate sanctions on Iranian institutions and companies as the next step of its exit from the multilateral nuclear deal.

With the sanctions clampdown, Trump is seeking to push Iran into stricter curbs on its nuclear program and a halt to its missile development activity and support for proxy forces in Yemen, Syria, Lebanon and elsewhere in the Middle East.

Thousands of students in the government-organised rally in the capital Tehran, broadcast live by state television, burned the Stars and Stripes, an effigy of Uncle Sam and pictures of President Donald Trump outside the leafy downtown compound that once housed the U.S. mission. India kept importing oil from Iran knowing it well that it will be saved from sanctions on being strategic partner of the US.

Thousands of other protesters pressed around the compound, responding to a call by the country's new leader, Ayatollah Khomeini, to attack U.S. and Israeli interests.

Pompeo did not name the jurisdictions but said the European Union as a whole, which has 28 members, would not receive one.

Iran said it was not troubled over the re-imposition of United States sanctions.

Tweaking the "Winter is Coming" line that has characterized the soon to conclude David Benioff and D. B. Weiss produced series based on George R.R. Martin's book, the Trump gang went on their "hero's journey", to quote Kanye West once again with this latest Hollywood snag.

The United States will grant temporary waivers for Iranian oil purchases to eight countries, Secretary of State Mike Pompeo told reporters on Friday.

But will these companies risk being hit by secondary sanctions which would limit their own ability to trade with the US?

"Starting today, Iran will have zero oil revenue to spend on any of these things".

Oil prices fell on Friday for a weekly loss of over 6 percent, as investors anxious about crude oversupply after the US waivers.

"Until then, our historic sanctions will remain in full force", he said, hours after his two Cabinet members, Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin, announced that the USA would reimpose a series of crippling sanctions on Iran beginning on Monday.

At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility towards the Islamic Republic, which he said had nevertheless prevailed.