Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors to try to force the Islamic Republic into negotiations to scrap its nuclear energy and ballistic missile programs and end its support for proxies in conflicts across the Middle East.
In an interview with "Fox News Sunday", Pompeo refused to reveal which countries received waivers from USA sanctions to continue importing Iranian oil.
"U.S. sanctions against Iran. created serious concerns with traders earlier in September".
The macro reasons are that - unlike with the Obama administration sanctions that had basically unanimous global support - Russia, China and even the European Union, at least in principle, view the Trump US sanctions as a bad faith violation of the 2015 nuclear deal. This framework has also been approved by the U.S. for the 8 countries that would enjoy its waiver to keep the global oil markets calm.
Iran's already-anemic economy is likely to suffer more under the fresh United States embargo, though politicians and protesters struck a defiant tone.
It was in May, that Trump had announced that the U.S. had withdrawn from what he described as "the awful, one-sided" Iran nuclear deal.
The measures are the second batch the United States administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May despite objections from close allies in Europe.
"The effect of the initial sanctions is already being felt - the [local currency] is at a low, Iran's economy is at a low and we're already seeing results on the ground", he said in video message posted Saturday.
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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.
Mike Pompeo, the secretary of state, said the aim was to force Iran to "abandon its destructive activities".
The Trump administration though has granted exemptions to eight countries to continue importing Iranian oil, without naming them.
Iran is already in the grip of an economic crisis.
The oil market ran higher in anticipation of this week's formal re-imposition of sanctions against Iran by the U.S., and on concerns that supply from producers like Saudi Arabia would not be able to make up the difference.
"The magnitude of recent selling is strongly suggesting that global oil demand is weaker than expected as a result of tariff issues, especially between the United States and China", said Jim Ritterbusch, president of Ritterbusch & Associates. Contrary to what he called "fueled misinformation", he stated that SWIFT, "if it provides financial messaging services to certain designated Iranian financial institutions...could be subject to sanctions".
"We are in the war situation", Rouhani said. Controversy arose when the sanctions were announced in terms of Iran's access to the SWIFT financial system and its potential to bypass the sanctions through it.
"If Trump fails in his economic war against Iran - and I believe he will - it will signal to the world that the dollar can no longer be used as a foreign policy weapon", Oborne said. The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said.