Oil prices dropped after Iran's sanctions

Oil prices tumbled on Tuesday and US crude futures prices fell to their lowest level in eight months, a day after US dealings with Iran 's biggest sanctions buyer, while oil prices fell to their lowest level in eight months, a day after US dealings with Iran' s biggest sanctions buyer, while oil prices fell to their lowest level in eight months. Iran said it could still sell its oil.
Global Brent futures fell by $ 1.04, or 1.42%, to $ 72.13 per barrel. Crude oil hit a low of $ 71.18 a barrel during the session, its lowest level since August 16th.

Futures contracts for West Texas Intermediate crude decreased 89 cents, or 1.41%, to $ 62.21 per barrel. Crude oil reached a low of $ 61.31 per barrel, its lowest since March 16th.

Iran said it could "still sell the oil it needs and called on European countries opposed to US sanctions to do more to protect Tehran."

The United States reinstated Monday sanctions against the oil, banking and transportation sectors in Iran and threatened to take further action.

"Washington wants to completely stop Iranian oil exports, but exemptions have been granted for 180 days to China, South Korea, Japan, Italy, Greece, Taiwan and Turkey "said Treasury Secretary Stephen Menochin.

"This group buys by sea up to three quarters of Iranian oil exports, which means that Iran will still be able to export some of its oil for the moment," trade data indicate.

"Iranian oil exports have fallen by 40 to 60 percent since US President Donald Trump said in May that he would reimpose sanctions, but exemptions could allow further increases in exports after November," the report said. sector.