Oil dips 1% as report says US lifted some sanctions on Iran
The price of oil futures dropped more than 1% on Thursday after a report hinted that the United States has lifted sanctions imposed on certain Iranian individuals and entities.
A report issued by Bloomberg unveiled that Washington removed the sanctions against certain Iranian oil officials, without elaborating further. The market seemingly interpreted it as a potential sign of a wider easing of sanctions that could occur in the future. The report was updated shortly after, describing that the removal of sanctions as “routine” and stressing that the move has nothing to do with nuclear talks.
After losing almost 2%, Brent for settlements in August pared the dip and went down by 0.73% to sell for $71.72 at 12:17 pm ET, while July’s West Texas Intermediate lost 0.66% a minute later, selling for $69.5 after a similar initial decrease.
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