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Oil plunged as U.S. President Donald Trump considered easing sanctions on Iran that severely restricted the OPEC member’s ability to export crude.
Futures fell as much as 2.7% in New York on Wednesday. Trump is preparing to meet with Iranian President Hassan Rouhani later this month, according to people familiar with the matter. Such talks would be unprecedented for an administration that made isolating the Islamic Republic a cornerstone policy.
“The crude market will be very sensitive to any changes to the U.S.-Iran relationship,” said Brian Kessens, a portfolio manager at Kansas-based Tortoise. “If the relationship improves, there will be more Iranian crude for the market.”