The Trump administration has worked to crush Tehran's oil exports to zero since May, when Mr. Trump withdrew the USA from the multilateral deal endorsed by the Obama administration that eased global sanctions in exchange for curbs on Iran's suspect nuclear programs.
Working from their small offices in Stockholm, analysts at a new watchdog that monitors global oil shipments have been run ragged by Iran's efforts to skirt United States sanctions this month.
"[Ms]. Mogherini and the European ministers once again reiterated their commitment to the 2015 Iran nuclear deal and emphasized the efforts to maintain financial channels with Tehran and the continuation of Iran's oil and gas exports", according to reports by Iranian state-run news outlet IRNA.
The sanctions will take effect on Monday and cover Iran's shipping, financial and energy sectors.
Trump announced in May he was withdrawing from the 2015 nuclear deal and reimposing sanctions, sparking outrage among world powers who say Iran has been complying with commitments to restrict its atomic programme.
"This massive reduction since May of past year is three to five times more than what many analysts were projecting when President Trump announced our withdrawal from the deal back in May", he said.
With the sanctions clampdown, Trump is seeking to push Iran into stricter curbs on its nuclear program and a halt to its missile development activity and support for proxy forces in Yemen, Syria, Lebanon and elsewhere in the Middle East.
Senate Republicans including Ted Cruz (R-Texas), Tom Cotton (R-Ark.) and Marco Rubio (R-Fla.) want the administration to cut off Iranian banks from conducting global transactions using the Society for Worldwide Interbank Financial Telecommunication, and are expected to introduced legislation to force President Trump's hand after the election.
The OPEC and non-OPEC producers' disability to make up the shortfall in oil supplies resulting from the loss of Iranian production under the US sanctions, which has led to an increase in oil prices, is a sign of Trump administration's failure in Iran's zero oil exports plan.
Supreme Leader Ayatollah Ali Khamenei also said Iran's arch-adversary the United States had failed to reassert its domination over Iran since the country's 1979 Islamic Revolution that toppled the USA -backed Shah.
Unusually, Pompeo did not name the eight, other than to say the European Union is not among them. They are the second lot of sanctions re-imposed by Mr Trump since May.
Pompeo said the latest USA sanctions are targeted at the regime, not the people of Iran who have suffered grievously under this regime.
Secretary of State Michael Pompeo said earlier Friday that the U.S. would grant eight temporary waivers for countries to keep importing Iranian crude oil after sanctions snap back on Monday.
"Iran is a formidable adversary, well practised in different techniques to keep selling oil and muddle the data, but that won't be a panacea for everything", said Rome. "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman Bahram Qasemi told state TV. "These concessions are critical to ensuring that we increase our maximum pressure campaign and accelerate towards zero", Pompeo said.
US Secretary of State Mike Pompeo, said the sanctions were "aimed at fundamentally altering the behaviour of the Islamic Republic of Iran".
Oil prices fell on Friday for a weekly loss of over 6 percent, as investors anxious about crude oversupply after the US waivers.
Pompeo said the exceptions were temporary and allotted to countries that had made progress toward cutting their dependence on Iranian supplies.