Oil prices are down with US exceptions to Iranian sanctions

Oil prices are down with US exceptions to Iranian sanctions

Oil prices fell yesterday, recording weekly losses of more than 6%, with the United States declaring exemptions for eight Iranian oil importing countries from sanctions imposed on Tehran.

Brent fell 10 cents to 72.79 dollars a barrel at 14:00 GMT and the US light crude lost 30 cents to 63.39 dollars a barrel.

Investors worried about the oil supply as the United States applied their sanctions to Iran on Monday.
US Secretary of State Mike Pompeo said Friday that the United States should grant exemptions to eight Iranian oil importing countries.

Pompeo added that the exemptions would be temporary.

The US government has agreed to allow eight countries to continue buying Iranian oil after the reimposition of sanctions on Tehran this week, a US official said Friday at the Bloomberg news agency.

The report noted that the eight countries, including South Korea, a close ally of the United States, Japan and India, which rely heavily on Iranian supplies.

Iran's major oil consumers, all located in Asia, have requested sanctions exemptions allowing them to continue buying crude oil in Tehran.

Bloomberg said that a list of all countries benefiting from exemptions should be officially announced Monday.

Prior to the US comments on exemptions for Iranian oil imports, oil prices were up in Friday's trading, supported by positive signs that the trade dispute between the two countries was almost over.

The global reference futures contract reached $ 73.04 per barrel on Friday at 5:20 am GMT, up 15 cents (0.2%) from the previous settlement.

Futures contracts for basic crude in the western US Texas rose 7 cents, or 0.1%, to 63.76 dollars a barrel.

Traders said oil climbed alongside Asian equity markets following a telephone conversation between Chinese and US presidents that gave rise to hope for a trade dispute between the two largest economies in the world. world.

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