Brent crude was down 31 cents, or 0.3%, at $92.96 by 1153 GMT, after earlier touching $94.00, its highest level since October 2014, Reuters said in a report.
US West Texas Intermediate crude fell 78 cents, or 0.8%, to $91.53 a barrel. It had risen to $92.73 earlier in the session.
US President Joe Biden's administration on Friday restored sanctions waivers to Iran to allow international nuclear cooperation projects, as the talks on the 2015 international nuclear deal enter the final stretch.
Although the sanctions relief will have limited impacts on Iran's economy, they were perceived by the markets as a positive signal that both sides are determined to reach a deal, the Reuters further claimed.
Iran could quickly export millions of barrels of crude and help drive down red-hot oil prices if US sanctions are lifted.
This is while Iranian President Ebrahim Raeisi recently said that the oil exports had increased by 40% under his administration which took office last summer and the oil revenues are returning to the country.
KI