"Either abandon its destructive behaviour or continue down the path toward economic disaster".
Mr Trump said the USA had made progress with China over their trade dispute and he predicted that the two countries would reach "a very fair deal for everybody". The US is reimposing nearly all the sanctions it lifted on signing the global deal with Iran in 2015.
The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it reimposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities.
Trump had pulled the United States out of the 2015 Iran deal, called the Joint Comprehensive Plan of Action (JCPOA), in May calling it the worst deal in history, and continues to rail against it; on Friday he called it "horrible, one-sided " and "disastrous".
Midnight on Sunday will mark a dividing line in the world of oil. Major OPEC producers won't be able to add more supply should it become necessary, particularly with production in Iran, Venezuela and Libya still at risk.
The US under President Donald Trump has been trying to corner Iran at the global level.
India, which is the second biggest purchaser of Iranian oil after China, is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, sources in New Delhi said.
The EU has proposed supporting companies trading with Iran despite these new sanctions. These sanctions hit at core areas of Iran's economy.
The countries won't be named until Monday, but Bloomberg reports Japan, India, South Korea, and China are expected to be among recipients.
Notably, the Trump administration is not completely cutting off Iran from the SWIFT worldwide banking system - an option that had been considered.
"Saudi Arabia can produce 12 million barrels a day, but only if it invests", said Hancock, noting that the country now produces just under 11 million barrels a day.
"A large part of the impact has not happened yet", said Mike Wittner, head of oil-market research at Societe Generale SA. "Things are tightening up".
The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said. The region's intake of Iranian crude has nonetheless wilted.
"European companies have fled Iran in great numbers".
Secretary of State Mike Pompeo said earlier Friday the United States will grant eight jurisdictions waivers to the US -led campaign against Iran, but did not name them.
"Don't be disillusioned about how painful this will be", says Ellie Geranmayeh, senior policy fellow at the European Council on Foreign Relations. Indeed, with United States gasoline prices still relatively high and midterm elections just days away, Trump has some incentive to soften his offensive.
Iranians will be forced into finding creative ways to sell oil, relying on their years of experience of life under previous sanctions.
The threat of sanctions has seen the Iranian rial plummet and business owners have said they are afraid of what they will do to the country's economy.