The Latest: Trump admits concern about Iran and oil prices

Secretary of State Mike Pompeo, left, and Treasury Secretary Steven Mnuchin, present details of the new sanctions on Iran, at the Foreign Press Center in Washington, Monday, Nov. 5, 2018. (AP Photo/J. Scott Applewhite)
In this photo released by official website of the office of the Iranian Presidency, President Hassan Rouhani speaks in a meeting with finance ministry officials in Tehran, Iran, Monday, Nov. 5, 2018. Iran greeted the re-imposition of U.S. sanctions on Monday with air defense drills and an acknowledgement from President Hassan Rouhani the nation faces a "war situation," raising Mideast tensions as America's maximalist approach to the Islamic Republic takes hold. (Iranian Presidency Office via AP)

WASHINGTON — The Latest on the Trump administration's sanctions against Iran (all times local):

3:25 p.m.

President Donald Trump says he was concerned about rising oil prices as his administration reinstated sanctions on Iran Monday.

The Trump administration carved out waivers that allow eight allies and partners to continue importing oil from Iran at least for now.

He tells reporters at Andrews Air Force Base that these are the "toughest sanctions ever imposed" but "we want to go a little bit slower" to avoid causing global oil prices to spike.

"I could get the Iran oil down to zero immediately, but it would cause a shock to the market," Trump says. "I don't want to lift oil prices. And if you notice, oil prices are going down very substantially, despite the fact that already half of their capacity is gone."

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12:01 p.m.

Iran's U.N. ambassador is accusing the United States of "brazenly and boldly" violating a U.N. Security Council resolution that unanimously endorsed the 2015 nuclear deal by re-imposing sanctions. He called for "a collective response by the international community."

Gholamali Khoshroo said in a letter Monday to Secretary-General Antonio Guterres that the U.S. "unilateral coercive measures" also violate the International Covenant on Civil and Political Rights and the International Convention on the Elimination of All Forms of Racial Discrimination.

In addition, he said the U.S. sanctions are "contrary to the provisional measures that were ordered by the International Court of Justice on Oct. 3, 2018."

Khoshroo, who asked that the letter be circulated to the 15-member Security Council and the 193-member General Assembly, said a collective response against the "irresponsible conduct" of the U.S. is needed "to uphold the rule of law, to prevent undermining diplomacy and to protect multilateralism."

The Trump administration's tough new sanctions on Iran took effect Monday, but the U.S. is temporarily sparing eight major importers of Iranian oil from immediate penalties.

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8:50 a.m.

The Trump administration's tough new sanctions on Iran have taken effect, but eight major importers of Iranian oil are being spared from immediate penalties.

The sanctions target Iran's energy, financial and shipping sectors and are aimed at crippling the country's economy following President Donald Trump's withdrawal from the 2015 nuclear deal. The measures that came into effect on Monday restore all the sanctions that had been lifted under the accord that gave Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program.

But as the administration seeks to cut off Iran's oil revenue it will allow some of its closest allies and rival China to continue to purchase Iranian oil as long as they work to reduce imports to zero.

Besides China, Greece, India, Italy, Turkey, South Korea, Taiwan and Japan get U.S. sanctions waivers for Iran oil imports.

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12:40 a.m.

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.

In an interview with "Fox News Sunday," Pompeo refused to reveal which countries received waivers from U.S. sanctions to continue importing Iranian oil. But he said the eight unidentified nations "need a little bit more time to get to zero." He would not rule out the Trump administration extending the waivers beyond six months

President Donald Trump removed the U.S. from the 2015 Iran nuclear deal earlier this year, triggering the sanctions being imposed Monday.

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