6/24, 6:08 PM (Source: TeleTrader)
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Oil falls as US introduces new Iran sanctions

Crude prices fell on Monday after United States President Donald Trump introduced a new set of sanctions targeting the regime in Tehran. Trump called for a diplomatic solution to the crisis, which escalated after Iran shot down a drone controlled by the US, but he said that Washington cannot allow Iran to possess nuclear weapons.

Last week, Iran shot down a US unmanned aircraft, claiming that the drone violated its airspace. Following the incident, Tehran said it has evidence for the claim, as it allegedly found parts of the downed aircraft in its territorial waters.

Brent futures for August settlements dropped 1.30% at 11:57 am ET to sell for $64.42 per barrel, while West Texas Intermediate for August delivery decreased by 0.47% to go for $57.19 a barrel at 11:58 am ET.

Breaking the News / SS