But President Donald Trump withdrew the United States from the deal in May, calling it flawed to Iran's advantage, and reimposed far-reaching U.S. sanctions in phases, with the most damaging oil and banking penalties taking effect on November 5.
Washington had been pushing governments to cut imports of Iranian oil to zero.
"It will be a hard period but Iran's economy will withstand it for various reasons", a second diplomat told Reuters, "including (the fact of) Russian Federation being under (US and EU) sanctions, Saudi Arabia having its own financial and political issues, and (trade war) between China and the United States".
Washington and the recipients of the waivers have not disclosed how much oil they are allowed to import, or under what conditions deals can still be made.
China's October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September.
JP Morgan said "the lack or difficulty in acquiring shipping insurance will help in reducing exports quickly as they did during last worldwide sanctions".
Iran's oil minister on Thursday predicted a painful time ahead for global oil customers as US sanctions take hold, saying waivers that Washington granted to eight major oil-importing countries are not enough for market demands.
For further details, see below.
In a relief for India, the United States has exempted New Delhi from the imposition of certain sanctions for the development of the strategically-located Chabahar Port in Iran as well as the construction of the railway line connecting it with Afghanistan. But the broadly united front of world powers that enforced sanctions on Iran previously, pushing Iran into nuclear restraint, has unraveled since Trump took office and clashed with allies over everything from trade to collective security. The group led by Saudi Arabia will gather in Abu Dhabi this weekend as they face a fresh surge of United States shale oil threatening to unleash a new surplus in 2019.
In May 2016, India, Iran and Afghanistan inked a pact which entailed establishment of Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran, besides multi-modal transport of goods and passengers across the three nations. The U.S. crude CLc1 rose 58 cents to $62.79. Landlocked Afghanistan also has few better options for importing petroleum products than Iran for the time being.
The won-denominated payments will go into escrow accounts handled by the Industrial Bank of Korea (IBK) and Woori Bank.
President Donald Trump announced in May that the USA was withdrawing from a nuclear deal with Iran, which was signed by his predecessor Barack Obama resulting in sanctions relief.
Japan's trade minister, Hiroshige Seko, said on Tuesday that Japanese buyers were expected to resume imports from the Islamic Republic again soon.
Taiwan is only an occasional importer of Iranian oil, and no details regarding its waivers have been disclosed. In October, Iran's crude exports were estimated at 1.82 million bpd by data intelligence company Kpler and 1.5 million bpd by another firm that traces Iranian shipments. This most recent downward spiral has taken five weeks.