Oil slides from decade-highs as Iran talks kindle supply hopes | Reuters

Oil slides from decade-highs as Iran talks kindle supply hopes | Reuters

Oil slid 2% on Thursday, after hitting prices not seen in roughly a decade, as sellers jumped on hopes the United States and Iran will agree soon on a nuclear deal that could add barrels to a tight global market.

Trade was volatile, with crude prices jumping early to multi-year highs on worries about Russia, which exports 4 to 5 million barrels per day (bpd) of crude, second-most worldwide behind Saudi Arabia. Following Russia's invasion of Ukraine, companies are now shunning Russian supply and scrambling for barrels elsewhere.

Oil markets are in an "explosive mood” over increasing outrage against Russia said Phil Flynn, an analyst at Price Futures Group. “People in the world don't want to deal with a country that is committing these atrocities in Ukraine.”

Brent futures were down $2.47, or 2.2%, to $110.46 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.93, or 2.6%, to $107.67.

Both benchmarks rose to multi-year highs during the session, with Brent soaring to $119.84, its highest since May 2012 and WTI hitting its highest since September 2008 at $116.57.