Oil falls after US offers waivers on Iranian imports
Donald Trump’s sanctions against Iran have officially taken effect, but Washington is allowing eight ‘jurisdictions’ to import Iranian crude
Singapore — Oil prices fell on Monday as the start of US sanctions against Iran’s fuel exports was softened by waivers that will allow major buyers to continue importing Iranian crude, at least temporarily. Front-month Brent crude futures were at $72.40 a barrel at 3.32am GMT on Monday, down 43c or 0.6% from their last close. US West Texas Intermediate (WTI) crude futures were down 46c or 0.7% at $62.68 a barrel. Brent has lost more than 16% in value since early October, while WTI has declined by more than 18% since then, in part as hedge funds cut their bullish wagers on crude to a one-year low by the end of October, data showed on Friday. Prices came under pressure as it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions, which officially started on Monday. The US 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 “jurisdi...
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