U.S. waiver on Iranian oil pushes crude below $78 (opens in new tab)

Oil prices extended their decline after the U.S. Treasury issued a temporary 60-day license allowing the production, delivery and sale of Iranian crude oil, petroleum products and petrochemicals through August 21 after U.S.-Iran talks in Switzerland. Brent crude settled down $2.67, or 3.31%, at $77.90 a barrel on Monday, while U.S. West Texas Intermediate for July delivery settled down $1.78, or 2.32%, at $74.82; by Tuesday morning, Brent was trading below $78 in several market updates. The f...