Oil Drops on Iran Deal Prospects After Touching 14-Year High
- IAEA official set to meet with Iranian leaders on Saturday
- JPMorgan says $185 oil in view if Russian supply hit persists
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Oil fell on signs that high-stakes talks to revive a nuclear deal with Iran may soon conclude, potentially raising supply as traders increasingly shun Russian crude.
West Texas Intermediate dropped to settle above $107 after touching $116, the highest since 2008, on Thursday. Brent nearly reached $120 before pulling back. Oil swung through a $10 range during the session as most major oil companies continue to implement a de-facto ban against Russian crude. The rally cooled after reports surfaced suggesting Iran may be close to signing an agreement. U.S. and European officials have also said a deal is close, but that there are still sticking points.