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Oil falls 1% as Washington considers exemptions from Iran's sanctions
Brent crude prices fell more than 1 percent on Monday after Washington said it could grant exemptions from sanctions on Iranian oil exports next month, while it was said Saudi Arabia was blocking any potential oil shortages from Iran.
Brent crude was $ 83.25 a barrel at 0115 GMT, down 91 cents, or 1.1 percent, from its last closing price.
WTI futures fell 57 cents, or 0.8 percent, to $ 73.77 a barrel.
US sanctions will target Iran's crude oil exports from Nov. 4, and Washington is putting pressure on governments and companies around the world to stop oil imports from Iran altogether.
But a US government official said on Friday Washington might consider granting exemptions to countries already showing efforts to cut Iranian oil imports.
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