Oil Has Worst Week in Over a Month With Potential Iran Return
- World powers have accepted sanctions will be lifted: Rouhani
- WTI posts 2.7% weekly decline, its largest since early April
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Oil benchmarks suffered their worst week in more than a month as the market considered the consequences of a potential nuclear deal that could lift U.S. sanctions against Iranian crude.
WTI futures in New York fell 2.7% for the week, the worst performance since early April. Brent posted the largest weekly decline since March, amid the possible return of millions of barrels a day of Iranian crude returning to the market. President Hassan Rouhani this week said world powers have accepted that major sanctions will be lifted as part of any nuclear deal.