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ABC (Australian Broadcasting Corporation)

Oil hits 3-month low after report US will scale back Iran sanctions

The US is reportedly set to sign a memorandum of understanding that would allow waivers on some sanctions tied to Iran’s oil exports, including banking, transport and insurance services. Iran is said to hold more than 100 million barrels of crude in storage and on tankers, with 60 million barrels outside the scope of US sanctions. The change would add to global oil supply and put direct pressure on international crude prices.
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