Futures Movers: Oil prices decline in wake of U.S. reprieve from Iran sanctions for major consumers

Oil prices declined Tuesday, a day after the Trump administration granted waivers to allow eight nations to continue buying Iranian crude despite U.S.-driven economic sanctions against the Islamic Republic.

News reports said President Donald Trump on Monday told reporters that he wants to “go a little bit slower” when it comes to sanctions on Iranian oil because he doesn’t walk to drive up oil prices. That also helped to ease worries about tighter global supplies.

The rollercoaster for the oil market “has decelerated not halted, as U.S. grants waivers to eight jurisdictions with some amount of obscurity to continue importing oil from Iran,” Ashray Ohri, an analyst at ICICI Bank, wrote in a note dated Tuesday.

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