Oil sank about 2% on the possible return of Iranian crude

International benchmarks for crude oil slumped sharply on Thursday, 25 August 2022 as investors embrace the potential return of Iranian barrels following the progressive talks to revive the 2015 nuclear accord. Besides, concerns over the rising US interest rates would dampen demand.

Brent loses $1.88 or 1.9% to settle at $99.34/barrel. 

WTI fell $2.37 or 2.5% to close at $92.52/barrel.