To circumvent U.S. banking and financial sanctions, Iran’s rulers have built up a network of traders, companies, exchange offices, and money collectors in different countries,

Though trade between Venezuela and Cuba has not ceased amid sanctions, the flow of PDVSA’s oil has been insufficient to keep the Communist-ruled island well-supplied. Cubans have faced long lines at gas stations and for public transportation amid lack of vessels to receive imports.

Brent dropped 58 cents to $64.19 a barrel, WTI were at $58.15, down 49 cents.

Brent crude fell 30 cents to $63.98 a barrel, WTI was down 38 cents to $57.71.

Brent crude LCOc1 was up 7.7% since last Friday’s close, the biggest weekly rise since January. The front-month November contract was at $64.88 a barrel, up 48 cents, by 1113 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 59 cents to $58.72 a barrel, set to post a gain of over 7% for the week.

Brent gained $1.44 to $65.04 a barrel, WTI was up 89 cents at $59 a barrel.

Saudi Arabia on Wednesday announced it has joined the International Maritime Security Construct to secure the Mideast's waterways.

The alliance protects the interests of its members and their merchant ships when passing through maritime corridors. Its operation area covers the Strait of Hormuz, Bab Al Mandab, the Sea of Oman and the Arabian Gulf.

Iranian Minister of Petroleum Bijan Zangeneh stressed the non-political nature of oil, saying the US was using oil as a weapon which was not the right approach.

Brent were down 75 cents, or 1.16%, at $63.80 a barrel, WTI were down $1.15, or 1.94%, at $58.19.

During the news conference, it was disclosed that production at Khurais resumed 24 hours after the attack. Meanwhile, Mr. Nasser stated that production at Abqaiq is currently 2 million barrels per day and its entire output is expected to be restored to prior rates by the end of September.

The US made another request to import-dependent Japan to join the coalition, and leaders are expected to discuss it at the UN General Assembly in New York next week.

Brent was down 36 cents, or 0.5%, at $68.66 a barrel, and WTI was down 57 cents, or 0.9%, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.

"Nobody has changed the parameters of the [OPEC+} deal. So, I think that we all agreed in Abu Dhabi, that everyone should fulfill their obligations," Novak said, when asked if Russia needs to continue to comply.

Conformity with the voluntary production adjustments remains high, 136% in the month of August. However, the JMMC reemphasized the core principles underpinning the DoC, namely, equity, fairness and transparency, and urged all participating countries to intensify their efforts in pursuit of full and timely conformity with their voluntary production adjustments.