The US sanctions will enter back into force on Monday 5 November and cover shipping, shipbuilding, finance and energy.
This year's 39th anniversary fell just hours before Washington was set to re-impose sanctions - including an oil embargo - following its withdrawal from the 2015 nuclear deal earlier this year.
Iranians will be forced into finding creative ways to sell oil, relying on their years of experience of life under previous sanctions.
Trump announced in May he was withdrawing from the 2015 nuclear deal and reimposing sanctions, sparking outrage among world powers who say Iran has been complying with commitments to restrict its atomic programme.
Jamal Abdi, president of the National Iranian American Council, called the sanctions "a slap in the face to the Iranian people who have been squeezed between the repression of their government and the pressure of worldwide sanctions for decades".
That could make it very hard for Iran to do business with other countries. The sanctions are created to exert financial pressure by cutting the Islamic Republic out of the global market.
Earlier, The Washington Free Beacon reported, citing sources, that senior US State Department officials have convinced US Secretary of State Mike Pompeo to permit Tehran to remain connected to the SWIFT global banking system.
With the sanctions clampdown, Trump is seeking to push Iran to end uranium enrichment outright, and halt its ballistic missile development and support for proxy forces in Yemen, Syria, Lebanon and elsewhere in the Middle East. "They are necessary to spur changes we seek on the part of the regime", he said.
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Most of them. Pompeo said Friday the administration will grant temporary waivers to eight countries that have "demonstrated significant reductions in crude oil and cooperation on many other fronts and have made important moves toward getting to zero crude oil importation".
Japan and South Korea temporarily stopped oil imports from Iran in September but Indian Oil and Mangalore Refinery and Petrochemicals continued purchases though the overall volume dropped slightly from around 10 million barrels in October to nine million barrels for November. Of course, this week happens to be the time when Iranians have a nationwide demonstration against USA intervention in Iran.
Speaking to CBS' "Face the Nation" Pompeo said he was "confident" that Iran would not restart its nuclear program with the US withdrawing from the deal.
On the issue of renewed sanctions on Iran that kick in on Monday, Pompeo said that European countries are already fleeing the country.
The EU says 12 consecutive reports from the International Atomic Energy Agency show that Iran has stuck to the terms of the deal.
Will there be enough oil for the world? Meanwhile, there are supply disruptions in other key OPEC countries, including Venezuela and Angola.
The regime in Tehran has been doing its best in the past few months to find a way to avoid these sanctions, mainly by working with the European Union, but it is still struggling to persuade its citizens that any such mechanism will work. Saudi Arabia has increased production by 780,000 barrels a day since April, according to data compiled by Bloomberg. But some analysts are skeptical Riyadh has the spare capacity necessary to offset the losses.