Iran plans to defy newly reimposed U.S. sanctions and continue to sell, Iranian President Hassan Rouhani reportedly said on state TV on Monday, according to Reuters.
"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions," Rouhani reportedly told economists at a meeting that was broadcast live.
On Monday, Washington reimposed sanctions on Iran in a bid to put pressure on the Islamic republic to curb its nuclear, missile and regional activities. The first round of U.S. sanctions were reimposed in August.
U.S. crude oil traded 0.55 percent lower on Monday at $62.81, while the benchmark slid 0.41 percent lower to trade at $72.53 at 2:25p.m. HK/SIN time.
The Trump administration said on Friday it will grant special exceptions to eight jurisdictions, allowing them to temporarily carry on importing oil from Tehran even after the sanctions are reimposed, according to cabinet members.
President Donald Trump gave oil importers 180 days to wind down purchases of Iranian crude when he withdrew from the Iran nuclear deal in May. The eight waivers will allow the jurisdictions to gradually reduce their purchases after the Nov. 4 deadline.
Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin did not name the eight jurisdictions on Friday, but a South Korean official said Monday that Seoul had been granted an exception from U.S. sanctions against Iran.
— Additional reporting from CNBC's Tom DiChristopher and Reuters
Clarification: This article has been updated to clarify the name of President Hassan Rouhani.