Brent crude prices fall 1% on Iran waiver talk

Brent crude prices fell nearly 1 percent early Monday after the US said it may grant waivers to sanctions against Iran’s oil exports next month.

Saudi Arabia also said it has replaced, and would continue to replace any potential shortfall from Iran.

International benchmark Brent crude futures were last trading down at 76 cents, or 0.9 percent, at $83.40 per barrel, while the US West Texas Intermediate (WTI) crude futures dipped 50 cents, or 0.7 percent, at $73.84 a barrel.

While Washington's sanctions will target Iran’s crude oil exports from Nov. 4,  a US government official said Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

On Saturday, Crown Prince Mohammed bin Salman told Bloomberg that the Kingdom is fulfilling promises to compensate a drop in Iranian oil supplies due to the US sanctions.

“The request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that. And that happened," he added.