Oil price falls after US sanctions against Iran started

For the last month oil benchmark Brent and WTI have lost more than 15% in total.

World oil prices fell on Monday, November 5th, after the White House imposed the sanctions on Iran’s fuel exports.

Due to the London Stock Exchange ICE, the January Brent futures dropped by 0.26% to $72.64. And due to the US agency EIA, WTI futures fell to $63.69, which is $3.64 less than it was at the previous week.

According to the agency, Brent and WTI have lost a total of more than 15% since the early October.

It should be noted, that today US sanctions on Iran entered into force again. Sanctions apply to Iran’s oil exports and the banking sector. However, Washington allowed eight Asian countries to import Iranian fuel even after the sanctions begin.

President of Iran Hassan Rouhani told that his country would break the sanctions and continue to export oil.