#nuclear-program

#nuclear-program

Light Crude Oil Futures (WTI) dropping sharply by 5.53%, falling to a current price of 91.26, while ICE Brent Futures are experiencing an even steeper decline, shedding 8.05% to trade at a current price of 95.21. The decline in oil prices comes amid hope that a deal to end the war in the Middle East between the United States and Iran is nearing completion.

Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel, while West Texas Intermediate was near $92. Trump said in social-media posts he wouldn't "rush" into a deal, which "isn't even fully negotiated yet." Any final approval may take several days, according to senior US officials.

The latest sanctions cut Iran off from global banks, reimpose arms and missile restrictions, and revive asset freezes and travel bans on key officials. Analysts say the measures hit Iran at a fragile moment with its economy shrinking, inflation surging, and the rial collapsing to record lows. Oil sales, foreign investment, shipping, and manufacturing are all expected to take a hit.

The United Nations, led by the so-called European 3 -- Britain, France, and Germany -- appears set to reimpose wide-ranging "snapback" sanctions on Iran after the Security Council rejected a last-minute bid by Russia and China to delay the action. Absent an extraordinary 11th-hour deal, the UN will at 8 p.m. Eastern time on September 27 reintroduce a series of measures against Iran. These include a conventional arms embargo, restrictions on activities related to ballistic missiles, a ban on reprocessing and enrichment of uranium, a global asset freeze, and travel bans on Iranian individuals and entities.