Crude Oil is trading 1.4% down at $73.11 after the US moved to temporarily lift some sanctions on Iranian oil, raising expectations for higher global supply and softer pricing.
- Progress on a peace and sanctions roadmap with Iran has fueled market expectations that more Iranian crude will enter the global market.
- Prices are currently hovering near multi-month lows as traders weigh the impact of increased Persian Gulf shipments and discounted Iranian exports.