Brent climbs off 10-week low as US sanctions Iranian exports

International benchmark Brent reversed higher in American trade on track for the first profit in six days away from ten-week lows, after the US reinstated sanctions on Iranian oil exports. 

As of 13:35 GMT, Brent rose to $73.33 a barrel, with a session-high at $73.35, and a low at $72.24. 

Brent lost 0.4% on Friday, the fifth loss in a row while marking a ten-week trough at $72.15. 

For last week, oil prices lost 7%, the fourth weekly loss in a row and the longest such streak since May, and the largest since early February. 

US sanctions on Iranian oil exports went into effect on Sunday with an aim to limit Tehran's nuclear, ballistic, and regional ambitions. 

However, the US said it will give waivers to eight importers of Iranian oil, lessening concerns of the supply crunch that might have happened. 

US Secretary of State Mike Pompeo said the sanctions on Iran are aimed for changing its behavior and reach a new nuclear deal. 

Pompeo said discussions will continue with exempted countries in order to fully dry out Iranian exports.