Oil prices fell on Monday as new U.S. sanctions against Iran's oil and financial sectors go into effect following President Donald Trump's controversial decision in May to abandon the multi-nation nuclear deal with Tehran.
Iran's President Hassan Rouhani said in a televised speech that the Islamic republic would proudly bypass the illegal, unjust sanctions because it's against international regulations.
Global benchmark Brent crude dipped 14 cents or 0.19 percent to $72.69 a barrel, while U.S. light crude futures were down 22 cents or 0.35 percent at $62.92 a barrel.
The U.S. sanctions against Iran's fuel exports were softened by waivers that will allow some countries to still import Iranian crude.
As all of the countries have significantly reduced purchases, the United States has given them more time to further reduce their imports.
OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain.
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