US oil plunges 7%, falls below $76 on Iran sanctions relief expectations
The intraday slide points to traders pricing in the prospect of additional Iranian crude supply if a U.S.-Iran deal includes sanctions relief.
Summary
U.S. oil prices extended losses to 7% on the day and dropped below $76 a barrel as markets reacted to expectations that a U.S.-Iran deal would include sanctions relief. The move suggests traders are quickly factoring in the possibility of more Iranian crude returning to global markets, a development that could ease supply tightness and weigh on prices.
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