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US Secretary of State Mike Pompeo said in India last month that the administration would consider sanction waivers and that Iranian oil buyers should take a "little bit of time" to stop their trade with Iran.

On Wednesday, Brent crude moved up 1.8 per cent to settle at $86.29 a barrel after hitting $86.74 a barrel, the highest level since October 30, 2014.

Oil prices at four-year highs have triggered concerns about demand as U.S. President Donald Trump has blamed the Organization of the Petroleum Exporting Countries for rising gasoline prices for American consumers.

Meanwhile, the International Court of Justice ordered the United States on Wednesday to ease some sanctions against Iran, including those related to the supply of humanitarian trade, food, medicine and the safety of civil aviation.

Brent fell a mere 20 cents to $84.38, while WTI rose 1 cent to $74.34, these numbers said to be the outcome of the US unemployment rate falling to a 49 year low of 3.7 percent and somewhat mitigating fears about the sanctions.

US West Texas Intermediate (WTI) crude futures were down 54 cents, or 0.7 percent, at $73.80 a barrel.

Around 10 million barrels of oil was imported from Iran by Indian refiners, though the shipments in November are expected to be lower.

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Trump announced he would reimpose US economic sanctions on Iran in May after walking away from Tehran's 2015 nuclear deal with world powers.

"Iranian exports could fall below 1 million bpd in November", U.S. bank Jefferies said.

In this context, the Indian public sector oil firms have been contracting Iran for the next month to import crude oil. US State Department Legal Advisor Jennifer Newstead argues that Iran's request is not within the court's jurisdiction. The deal was struck as oil prices began to climb towards $80 per barrel.

Iran's oil output reached a peak of about 4 million barrels a day after global sanctions were lifted in 2016 in exchange for curbs on its nuclear activities under the nuclear deal.

"The Saudis won't flood the market and they don't want to see it oversupplied", said Giovanni Staunovo, an analyst at UBS Group AG.