Oil prices declined on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market's focus to worries that an economic slowdown may curb fuel demand.
Iran was Korea's 20th-largest trade partner as of a year ago, with the trade volume between the two nations standing at around $12 billion, according to government data.
"Today's designation includes 50 Iranian banks and their foreign and domestic subsidiaries, in conjunction with Iran's regime support for global terrorism, proliferation of mass destruction or their means of delivery, and human rights abuses", Treasury Secretary Steven Mnuchin said.
He said Washington believed the Iranian nation had lost their confidence in its clerical rulers. Airbus and Total have already announced their withdrawal from Iran.
British Prime Minister Theresa May's Downing Street office said Tuesday that the United Kingdom will continue to expand trade relations despite the decision.
Iran and Russian Federation are close allies in Syria.
Earlier today, Trump said that the United States sanctions levied today are the strongest ever on the country's shipping, financial and energy sectors.
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The sanctions could be particularly harmful to Iran's vital oil industry.
The list includes 50 Iranian banks, 200 individuals and shipping vessels tied to Iran's shipping and energy sector, as well as the national airline, Iran Air, and more than 65 of its aircraft.
"We hope a new agreement with Iran is possible", he added.
In a statement, US Treasury Secretary Steven Mnuchin said: "Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behavior".
Japan said it was in close communication with the United States. "We have the knowledge and the capability to manage the country's economic affairs", Foreign Ministry spokesman Bahram Qasemi told state TV on Friday.
"Exempting eight countries from the USA sanctions means Iranian oil will continue to flow and there's no longer risk of a supply shortage", he said. "I promise you that doing business with Iran in defiance of our sanctions will ultimately be a much more painful business decision". "We continue negotiations to get all of the nations to zero". It is now unclear whether or not China is on the waiver list, but the country's foreign ministry said Monday that the sanctions were regrettable, and China's trade cooperation with Iran should be respected.