Oil cheaper after report of possible lifting of sanctions on Iranian supplies

Brent crude futures fell 0.6% to $108.6 per barrel, while WTI fell 1.1% to $104.3, after Iranian media reported that Washington offered Tehran to temporarily exempt Iranian oil from sanctions, Bloomberg reports. This is one of Tehran's key requirements for a peace agreement and the opening of the Strait of Hormuz, the agency explains.

The U.S. has not yet confirmed the proposal for such an exception. It is expected to be in place until a final deal is reached, Iran's semi-official Tasnim news agency reported, citing a source close to the negotiating team.

The news is supplemented.

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