Lord Lamont said a major concern was whether humanitarian supplies could reach the Iranian people, despite the UnitedStatessaying these would be allowed. In fact, Iran'soil exports may go up and not down this month, according to RT's Boom Bust.
Iran's President Hassan Rouhani earlier struck a defiant tone, saying the country will "continue selling oil". "We clearly expressed our stance about the USA sanctions".
Supporters of the agreement say Iran remained compliant with the deal.
President Donald Trump had in May pulled the USA out of the landmark Iran nuclear deal, an Obama-era accord which he has repeatedly criticised as "disastrous".
Iranian state television aired footage of air defence systems and anti-aircraft batteries in two-day military manoeuvres which got under way across a vast stretch of the country's north.
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An effigy of U.S. government icon "Uncle Sam" is held up by demonstrators during a rally in front of the former U.S. Embassy in Tehran, Iran, on Sunday, Nov. 4, 2018, marking the 39th anniversary of the seizure of the embassy.
Eight countries who have significantly curtailed their imports of Iranian oil have been granted temporary waivers to allow them to continue importing Iranian oil after the penalties take effect.
The United States will exempt China, India and Japan from oil sanctions on Iran, Secretary of State Mike Pompeosaid Monday, while vowing to be "relentless" in pressuring Tehran. Worldwide, 4,500 oil tankers carry 2 billion barrels of crude per year over nearly 140 million square miles of ocean, according to industry and intelligence agency estimates.
"The U.S. now has the legal and economic architecture in place to properly execute its maximum pressure campaign", said Behnam Ben Taleblu, a sanctions analyst with the Foundation for Defense of Democracies. If Iran fails to do this, he said, it would "continue down the path toward economic disaster".
Three of the eight waiver recipients - Greece, Italy and Turkey - are members of North Atlantic Treaty Organisation.
Japan had sought a waiver during negotiations with the U.S., saying that its imports of Iranian oil had been falling recently.
Iran accepts neither the USA allegations, nor its designation as an exporter of terror. For some waiver recipients, domestic concerns were paramount. South Korea, for example, is reliant on oil imports to drive its economy.
Rouhani said the European Union has stood against the USA violation of the nuclear agreement which is a "success of diplomacy" for Iran.
The US granted the waiver to eight countries, including China and India, the biggest buyers of Iranian oil, to keep crude oil prices stable.
The US says it wants to reduce Iran's oil exports to zero - a goal Mr Book says will depend on how closely the sanctions are observed. Some leading Iran hawks appeared to agree with the administration's approach. "We are encouraged that these waivers will only be temporary and one-time", said United Against a Nuclear Iran, a prominent group that was harshly critical of the nuclear deal and the sanctions relief it brought.
Democratic Senator Tom Udall, who is also a member of the Senate Foreign Relations Committee, said, "Led by people like John Bolton, who believe that we should bomb Iran, I fear the Trump administration is marching toward another catastrophic war in the Middle East".
"We are specifically permitting nonproliferation projects at Arak, Bushehr, and Fordow to continue under the strictest scrutiny to ensure transparency and maintain constraints on Iran", the administration announced.
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