2018-11-05
Oil prices fell on Monday as sanctions on Iranian fuel exports eased as they entered into force, allowing major buyers to continue at least temporarily Iranian oil imports, while Iran said it would ignore Washington and continue to sell crude.
 
Brent crude was $ 72.47 a barrel at 0614 GMT, down 36 cents, or 0.5 percent, from the last closing price.
 
US WTI fell 35 cents, or 0.6 percent, to $ 62.79 a barrel. The crude has lost more than 15 percent of its value since early October.
 
The United States has re-imposed sanctions on Iran from Monday to resume sanctions previously lifted under the 2015 nuclear deal under the Obama administration and add 300 new items, including Iranian oil, shipping, insurance and banking.
 
However, oil prices were under pressure as Washington allowed a number of countries to continue importing Iranian crude under sanctions. On Friday, the United States said it would allow eight countries to temporarily buy oil from Iran