"The Iranian regime has a choice: It can either do a 180-degree turn from its outlaw course of action and act like a normal country, or it can see its economy crumble", Pompeo told reporters.
The president added, "Some think that we negotiated and came to conclusion in nuclear talks which was as a great success, but the USA ruined this success".
Denouncing Iran as a destabilising force, Mnuchin added, "this is part of a maximum unprecedented economic pressure campaign that the USA is waging against the world's largest state sponsor of terror".
"Due to golden opportunities for Iran and its allies in the world, including China, Russia and the European Union, we all want a way to defeat the United States sanctions, because foreign companies can not work with bullies".
Of those added, more than 300 are new designations and the remainder won sanctions relief under the 2015 Iranian nuclear deal, from which Trump withdrew the United States in May. United States crude futures were up about one per cent at $63.85 a barrel.
"The aim is to drive Iranian oil exports to zero", Bolton said on Fox Business Network.
The second wave of renewed USA sanctions on OPEC's third largest exporter officially started on Monday targeting Iran's energy, shipbuilding, shipping, and financial sectors.
Chris Hannas and Cindy Saine reported this story for VOA News. That agreement had removed many USA and other economic sanctions from Iran in return for Tehran's commitment to curtail its nuclear program.
Each of those countries has reduced their oil purchases from Iran and two have completely stopped importing Iranian oil until the sanctions are not lifted, Pompeo said.
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Donald Trump Jr. called CNN "fake news" for the decision, but the network said they couldn't run a "racist" advertisement. During football season, it's usually the most-watched show on television, often with around 20 million viewers .
The sanctions cover Iran's banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.
Hedge fund managers were net sellers of petroleum-linked futures and options for a fifth week running last week as concerns about sanctions on Iran evaporated and investors refocused on economic worries. Eight waivers to the ban on Iranian oil imports were issued to China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.
South Korea, the world's fifth-biggest crude oil buyer, mainly imports an ultralight form of crude oil, condensate, from Iran, which accounts for 74 percent of its oil purchases from that country.
Western nations say Iran aims to build nuclear weapons.
Asked about the eight exempted countries, White House press secretary Sarah Huckabee Sanders said the USA was exerting intense pressure on Iran.
The European Union, France, Germany and Britain said they regretted the USA decision and would seek to protect European companies doing legitimate business with Tehran.
In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.
It is now in talks with its other five partners in the deal - France, the UK, Germany, Russia and China - to keep the global document alive and blunt the impact of the USA bans.
"Iranian exports show a decline of more than 1 million barrels per day (bpd) as of October from May", said Edward Bell of Emirates NBD bank.
Japanese Foreign Minister Taro Kono later said Tokyo would continue to have close discussions with the United States to ensure stable energy supplies and no adverse impact on Japanese companies.