Oil futures fell sharply Friday as US sanctions relief on Iranian crude looms. Brent crude dropped 1.53 percent to $106.99 per barrel, while WTI declined 2.02 percent to $93.62. Treasury Secretary Scott Bessent signaled the US may remove sanctions on approximately 140 million barrels of Iranian oil currently stranded on tankers. This potential supply influx pressured prices lower as markets price in increased global crude availability. The move reflects broader geopolitical shifts, including Israel's decision to halt targeting Iranian energy infrastructure and the Trump administration's willingness to ease restrictions. Meanwhile, the Brent-WTI spread widened to $13 per barrel, the largest gap since 2014, indicating significant regional supply dynamics.
