Oil futures moved sharply lower Tuesday afternoon as comments from U.S. Secretary of State Mike Pompeo eased worries about supply risks tied to Iran. Pompeo said Iran is ready to negotiate on the missile program, according to Bloomberg. August West Texas Intermediate oil lost $1.10, or 1.9%, to $58.48 a barrel on the New York Mercantile Exchange after touching an intraday high of $60.06. September Brent crude traded at $65.45 a barrel, down $1.03, or 1.5%.
Read the full story:
Oil moves sharply lower as Pompeo says Iran is ready to talk