LONDON—Oil dropped over $1 a barrel on Tuesday, approaching a multi-month low hit last week, pressured by the latest progress in talks to revive the 2015 Iran nuclear accord, which would eventually allow Tehran to boost exports in a tight market.
The European Union on Monday put forward a “final” text to revive the deal.
Brent crude 1fell $1.34, or 1.4 percent, to $95.31 a barrel at 0815 GMT. U.S. West Texas Intermediate (WTI) crude dropped $1.25, or 1.4 percent, to $89.51.
“I’m not sure traders are particularly hopeful considering how long it’s taken to get to this point and with there still reportedly being points of contention,” said Craig Erlam of brokerage OANDA….