The oil price has failed to capitalize after the sanctions against Iran went into effect due to the number of countries still permitted to import Iranian oil, therefore bypassing the sanctions.

The US presidential administration has granted exemptions to a number of countries and allowed access to Iranian oil without fear of bypassing the sanctions and repercussions from the America.

The countries allowed to continue importing Iranian crude for the foreseeable future include India, China, Greece, Italy, South Korea, Taiwan and Turkey.

The amount of countries that US President Donald Trump turned a blind eye to and allowed to import Iranian oil was much higher than the market expected as is piling pressure on the oil price

"The details are trickling out, so it's looking to be a bit more substantial than the market might have realized in terms of giving relief," said John Kilduff, founding partner at energy hedge fund Again Capital.

President Trump didn’t hold back and was quick to take the credit for the recent fall in oil prices while at the same time taking aim at Opec for trying to monopolise the oil market.

"I gave some countries a break on the oil, I did it a little bit because they really asked for some help, but I really did it because I don't want to drive oil prices up to $100 a barrel or $150 a barrel, because I'm driving them down." Trump said

"If you look at oil prices they've come down very substantially over the last couple of months," Trump said. "That's because of me. Because you have a monopoly called OPEC, and I don't like that monopoly." He added.