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Iran's President Hassan Rouhani said the Islamic republic "will proudly bypass sanctions" by the United States that took effect on Monday (Nov 5) targeting the country's oil and financial sectors.

"America wanted to cut to zero Iran's oil sales. but we will continue to sell our oil.to break sanctions", Rouhani said.

The sanctions, re-imposed by President Donald Trump earlier this year, will end all the economic benefits America granted Tehran for its 2015 nuclear deal with world powers.

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.

WTI barrels are now testing the 62.60 region, playing to the downside in early trading after the US' Friday announcement of Iran sanction oil-buying waivers.

Tehran -Iran´s annual rally to mark the storming of the United States embassy and hostage-taking of 1979 had particular significance on Sunday on the eve of renewed sanctions by Washington.

Asked about it on "Fox News Sunday", Pompeo answered, "The Iranian banks that engage in sanctionable behavior will be sanctioned by the Department of Treasury, period, full stop".

The US said the sanctions are not aimed at toppling the government, but at persuading it to radically change its policies, including its support for regional militant groups and its development of long-range ballistic missiles.

Secretary of State Mike Pompeo is defending the Trump administration's reimposition of sanctions against Iran from conservative critics who argue more should be done to isolate the country.

"The expected U.S. waiver for India is a good development that should allow the country to continue getting its share of oil on attractive terms from Iran".

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On that same note, if just the last two four-point losses had been flipped, the Lakers would be on a five-game winning streak now .

"That's right", he said to a question if the U.S. actions will apply to companies that do business with Iran and not countries.

Iran has stuck with the deal, but the US pulled out unilaterally saying the agreement did not go far in enough to curtail Tehran's regional involvement, including support for Bashar Assad in Syria.

"In the next weeks all eyes will be on Iranian exports, whether there will be some cheating around USA sanctions, and on how quickly production will fall", said Riccardo Fabiani, an analyst for Energy Aspects.

"We are in a situation of economic war, confronting a bullying power".

The U.S. will issue waivers on Iranian oil to eight jurisdictions.

"Sanctions have always existed and we are used to them", one demonstrator said.

"The Iranian people will prove to them how loyal they are to their Supreme Leader (Khamenei) and that they will never abandon him".

Whether the exemptions, or the willingness of powerhouse Asian countries to help Iran weather the USA sanctions, will mean the sanctions are insufficient to change the Islamic Republic's behavior remains to be seen.

As part of the strategy to reduce dependence on Iran oil, state-owned oil companies like International Olympic Committee plan to use optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq - also to make up for any shortfall in supplies.

"America has launched an economic and psychological war as a last resort".