Oil prices soften after US grants Iran sanction waivers to eight importers

Oil prices dipped on Monday as the start to US sanctions against Iran's fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily. Front-month Brent crude futures, the international benchmark for oil prices, were at $72.53 per barrel at 0030 GMT on Monday, down 30 cents, or 0.4 per cent from their last close.

US West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 per cent, at $62.87 a barrel. Brent has lost more than 16 per cent in value.

This article is no longer available in our repository.

There could be multiple reasons for this.