Washington has stated that it wants to end Iran's oil production eventually, but has allowed several countries to abandon the sanctions, allowing them to import for some time.
The US government has agreed that eight countries, including close allies, South Korea and Japan and India, will continue to buy Iranian oil after reintroducing sanctions, Bloomberg announced on Friday citing an American official.
"Oil prices will continue to be under pressure because the fears of global oversupply have taken revenge," said Ashley Kelty, analyst at Oil and Gas Research at Cantor Fitzgerald Europe.
The list of all countries that allows the United States to resign Iranian oil imports is expected to be officially released on Monday. Despite efforts, resignations are likely to be temporary.
Goldman Sachs said that Iran's quarry exports will fall to 1.15 million bpd by the end of the year, and fall by about 2.5 million bpd in the middle of 2018.
In addition to Iranian sanctions, oil extraction has increased considerably over the past two months.