US to reimpose sanctions on Iran, eight countries exempted

The US administration will reimpose the sanctions on Iran which had been lifted in the wake of the 2015 nuclear deal starting from Monday.

Speaking on Friday afternoon, US State Department chief, Mike Pompeo, reportedly told journalists on a call that they were aimed at "depriving revenue Iran uses to spread death and destruction."

They were aimed at crippling the country's shipping, banking and oil industries, he said.

He reportedly also said that the aim was to keep oil prices stable, with Iran's oil exports expected to decline by 1.0m barrels a day.

In an initial reaction, as of 1517 GMT front month Brent crude oil futures were trading lower by 0.58% to $72.47 a barrel on the ICE, alongside a drop of 1.256% on West Texas Intermediate to $62.90 a barrel.