Oil drops as sanctions lifted on former Iran official

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There could be a further return of the Persian Gulf country's output. (iStock)
There could be a further return of the Persian Gulf country's output. (iStock)

Oil reversed gains after the US lifted sanctions on a former Iranian oil official and two other Iranians involved in oil trading, potentially paving the way for a further return of the Persian Gulf country's output.

Futures in New York slid as much as 1.8% on Thursday before paring losses.

The market has been watching for signs of developments in talks between Iran and world powers to revive a 2015 nuclear agreement, which could spur more Iranian barrels returning to the market.

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