London — Oil prices fell on Monday as US sanctions against Iran’s fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell. Brent crude oil was down 30c a barrel at $72.53 by 8.15am GMT. US light crude was 30c lower at $62.84 a barrel. Both oil price benchmarks have lost more than 15% since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show. Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US president Barack Obama, and adding 300 new designations including Iran’s oil, shipping, insurance and banking sectors. In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil. Washington has granted some exemptions. The US said on Friday it w...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now