However, India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating that the world's third-biggest oil importer is to continue purchasing crude from the Islamic republic.
The US benchmark West Texas Intermediate fell 54 cents, or 0.73 percent, to United States dollars 73.80, while Brent, the global benchmark, was down 80 cents, or 0.95 percent, to USD 83.36 a barrel.
Judge Abdulqawi Ahmed Yusuf read the final say of the court which obliged the U.S.to "remove by means of its choosing any impediments arising from the measures announced on May 8 to the free exportation to Iran of medicines and medical devices, food and agricultural commodities" as well as airplane parts.
The increased production also failed this week to prevent premium crude prices from hitting a four-year high above $86 a barrel in London trading. The US's latest moves were triggered by the ICJ's ruling on October 3 that the former must ensure that its sanctions on Iran did not affect the West Asian nation's humanitarian aid or civil aviation safety, CNBC reported.
The United States has said it plans to impose new sanctions targeting Iran's oil sector on November 4 with the aim of stopping the country's involvement in conflicts in Syria and Iraq, and bringing the Islamic Republic to the negotiating table for its ballistic missile programme.
USA sanctions will start targeting Iran's crude exports from November 4, and Washington is putting pressure on governments and companies globally to fall in line.
Pence accuses China of 'malign' campaign to undermine Trump
Washington has long cited China as a major culprit in the hacking of US government and corporate databases. Chinese ships routinely patrol around the Senkaku Islands, which are administered by Japan, he said.
Novak was not alone in predicting a return to three-digit price levels last seen in 2014. Saudi Arabia at present produces 10.7 million barrels per day.
U.S. bank Jefferies said there was enough oil to meet demand, but "global spare capacity is dwindling to the lowest level that we can document". "But the price for the Saudi strategy to cover those supply losses are extreme low spare capacity, and that worries the market".
Iran's key oil customers are opting for more medium sour crudes from Saudi Arabia, Iraq, Russia and UAE, which is causing prices of these grades to soar and putting pressure on global refinery margins.
Last week, there have been rumors in the region that Saudi Arabia and the UAE-both facing a bit of a cash crunch-are actually seeking to push oil prices higher and may be coordinating efforts to miss production targets to that end.
Some energy market analysts expect around 500,000 barrels per day (bpd) to disappear once USA sanctions against Iran come into force, while others have warned as much as 2 million bpd could come offline over the coming months.