Oil prices fell about 1% on Friday and notched a weekly loss of over 6%, as investors worried about oversupply after the US said it will temporarily spare eight jurisdictions from Iran-related sanctions.

US Secretary of State Mike Pompeo announced the decision in a conference call. The waivers could allow top buyers to keep importing Iranian oil after economic penalties come back into effect on Monday.

Brent crude futures fell 6 cents to settle at $72.83 a barrel.