Oil tumbles 3% from multi-year highs on stronger dollar | Reuters
Oil prices slumped nearly 3% from their highest level in years on Thursday as the U.S. dollar strengthened after the Federal Reserve signaled it might raise interest rates as soon as 2023 and hopes the United States and Iran could come to a nuclear agreement.
But an upcoming election in Iran on Friday could scuttle the nuclear talks and leave U.S. sanction on Iran's oil exports in place.
Brent futures fell $2.07, or 2.8%, to $72.32 a barrel by 12:22 p.m. EDT (1622 GMT), while U.S. crude fell $2.00, or 2.8%, to $70.15.
On Wednesday, Brent settled at its highest since April 2019 and WTI at its highest since October 2018.
The U.S. dollar strengthened to its highest since mid April against a basket of other currencies (.DXY) after the Federal Reserve signaled it might raise interest rates at a much faster pace than assumed.
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