Sanctions against Iran to go back into effect

Former Trump State Department senior adviser Christian Whiton on how the Trump administration is going to reimpose all sanctions on Iran that were previously lifted by the Obama administration.

The United States is putting oil and financial sanctions against Iran back in effect on Monday.

The move is to curb Iran’s missile and nuclear programs and counter its growing military and political influence in the Middle East, according to Reuters.

The move puts back in place U.S. sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Obama. They will also add 300 new designations in Iran's oil, shipping, insurance and banking sectors.

President Trump announced in May that his administration was withdrawing from what he called the "worst ever" agreement negotiated by the United States.

Other parties to the deal, including Britain, France, Germany, China and Russia, have said they will not leave.

Details of the sanctions will be released at a news conference Monday morning.

China, India, South Korea, Japan and Turkey - all top importers of Iranian oil - are among eight countries expected to be given temporary exemptions from the sanctions to ensure crude oil prices are not destabilized.

The countries will deposit Iran's revenue in an escrow account, U.S. officials have said.

Saudi Arabia is expected to help keep the oil market well supplied, as Iran oil is cut back.

Front-month Brent crude futures, the international benchmark for oil prices, were at $72.53 per barrel on Monday.

On the campaign trail late on Sunday, Trump said his "maximum pressure" policy against Iran was working.