Trump wants the bans to be permanent.
The officials spoke on condition of anonymity because they weren't authorized to publicly preview the decision.
The 2015 nuclear accord, reached after months of painstaking negotiations with the U.S., Britain, France, Germany, China and Russian Federation, lifted worldwide sanctions in exchange for Iran limiting its nuclear program. As it stands, Iran is now allowed to enrich uranium to low grades unsuitable for weapons use.
Iran said on Saturday it would not accept any changes to its 2015 nuclear deal with world powers. Instead I have outlined two possible paths forward: "either fix the deal's disastrous flaws or the United States will withdraw", the president said in a statement.
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That decision came despite the United Nations having certified Iran's compliance with the deal eight times. China and Russian Federation were also involved in the negotiations. The current one expires after a decade.
"I have been very clear about my opinion of that deal", he said in his January 12 statement.
While Trump has repeatedly railed that the deal was "one of the worst" that the USA had signed, the European Union's foreign policy chief has publicly disagreed in the past.
Crude prices have been rising for weeks, in part amid expectations that Trump might pull the United States from the nuclear deal, which, in turn, would re-instate sanctions against Iran and limit its ability to sell oil overseas.
The U.S. Treasury Department has sanctioned 14 companies and individuals in Iran and China - in connection with alleged human rights violations and weapons proliferation.
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Specifically, Trump had until Friday to decide whether to continue waiving 2012 sanctions that cut off Iran's central bank from the global financial system, with a host of other, similar deadlines following over the next week.
Notably absent from the entities was Iran's Central Bank. Had he sanctioned the bank, there was speculation that Iran would view the deal as effectively abrogated.
Officials, congressional aides and outside administration advisers said the president would likely extend the sanctions waivers, citing progress in amending US legislation that governs Washington's participation in the accord. The sanctions, when they are in place, target third parties overseas that deal with Iran and have the effect - because of the reach of the US dollar - of severely inhibiting trade with Iran.
Iran must allow "immediate inspections at all sites requested by worldwide inspectors", he said, and "sunset" provisions imposing limits on Iran's nuclear programme must not expire.
Cuba condemns Trump's "racist" statements on Haiti, El Salvador
King, we know that America is stronger, more just, and more free because of his life and work", Trump said, Efe news reported . The language used by me at the DACA meeting was tough, but this was not the language used.