COM - Crude oil plunges as reports say U.S. Iran make progress in nuclear talks

June, 08 2023 12:45 PM Direxion Auspice Broad Commodity Strategy

2023-06-08 12:45:53 ET

U.S. crude fell as much as 4.7% Thursday to drop below $70/bbl, following media reports that the U.S. and Iran have made progress toward potentially reviving their Obama-era nuclear deal, which could ease sanctions on Iran's oil exports and lead to the return of Iranian crude to oil markets.
According to Israel's Haaretz newspaper, Israeli defense officials say U.S.-Iran talks are moving forward more rapidly than expected, with the possibility that the two sides will reach an agreement within weeks.
In volatile trading, U.S. WTI crude ( CL1:COM ) for July delivery -3% to $70.31/bbl and August Brent crude ( CO1:COM ) -2.7% to $74.83/bbl.
ETFs: ( NYSEARCA: USO ), ( BNO ), ( UCO ), ( SCO ), ( DBO ), ( USL ), ( DRIP ), ( GUSH ), ( USOI ), ( NRGU )
Energy stocks are bouncing off sessions lows, with the Energy Select Sector SPDR Fund ( XLE ) -0.6% .

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Company Name:	Direxion Auspice Broad Commodity Strategy
Stock Symbol:	COM
Market:	NYSE