Oil Posts Biggest Weekly Drop Since February as U.S. Approves Iran Waivers

© Reuters. Oil drops almost 7% on week as U.S. approves waivers for Iran sanctions.
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The Trump Administration seems to be achieving its tri-fold agenda of punishing Iran while balancing the world’s energy needs and keeping oil prices low, as crude markets posted on Friday their largest weekly loss since February.
Eight countries, including Japan, India, South Korea and China, will be given waivers to continue importing oil from Tehran once export sanctions against the Islamic Republic start this weekend. Secretary of State Michael Pompeo confirmed that it will be eight nations, but added that details will be announced on Monday.
Crude oil markets fell further on the news, adding to Thursday’s 3% drop and losses since Monday that culminated in their worst week since February.

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