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- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
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- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
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- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
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- US issues seizure warrant for Iranian supertanker 'Grace 1'
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- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
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- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, November 05 - Oil prices fell on Monday as the start to US sanctions against Iran’s fuel exports was softened by waivers that will allow major buyers to still import Iranian crude.
TEHRAN, Young Journalists Club (YJC) - Front-month Brent crude futures LCOc1 were at $72.41 per barrel at 0348 GMT on Monday, down 42 cents, or 0.6 percent from their last close, according to Reuters.
US West Texas Intermediate (WTI) crude futures CLc1 were down 35 cents, or 0.6 percent, at $62.79 a barrel.
Both Brent and WTI have lost more than 15 percent in value since early October, in part as hedge funds have cut their bullish wagers on crude to a one-year low, data showed on Friday.
Washington re-introduced sanctions against Tehran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and adding 300 new designations including Iran’s oil, shipping, insurance and banking sectors.
Despite this, oil prices came under pressure as Washington will allow several countries to continue importing crude from Iran despite the sanctions.
“The impact of the sanctions is going to be largely softened as a result of this allowance,” said Sukrit Vijayakar, director of Indian energy consultancy Trifecta.
The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil.
Washington has so far not named the eight, referred to as “jurisdictions”, a term that might include Taiwan which the United States does not regard as a country.
China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran’s oil, while Taiwan occasionally buys Iranian crude.
South Korea said on Monday it has been granted a waiver to at least temporarily continue to import condensate, a super-light form of crude oil, from Iran and also still continue financial transactions with the Middle East country.
Japan said on Monday it was in close communication with the United States. While Chief Cabinet Secretary Yoshihide Suga declined to detail any potential sanction waivers, he said his government had asked Washington that sanctions should not have an adverse impact on Japanese companies.
Source: Tasnim
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