Oil paths like US sanctions against Iran begin, Tehran is defiant

"We do not get the prize rally as many participants thought they would come out of the Iranian state of affairs," said Yawger.

Burned crude oil was 34 percent, or half percent, of $ 73.17 a barrel at 2:30 pm ET. US light crude ended Monday's increased 4 cents lower at $ 63.10 per barrel.

Both oil standards have gone more than 13 dollars a barrel since they hit four years in October. Hedge funds have cut bullish bets on raw for one year low.

The United States has exempted eight countries – China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea – so that they can temporarily continue buying Iranian oil, said Prime Minister Mike Pompeo on Monday. Some of these are the best customers of OPEC members Iran.

U.S. Officials have said that the sanctions will eventually stop all Iran's oil exports.

Pompeo said that more than 20 countries have already cut oil imports from Iran, reducing purchases by more than 1[ads1] million barrels a day.

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