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Oil declines as gold reaches three-month high
Oil prices fell by more than 1% after the United States was predicted to impose new sanctions on Iran, which could disrupt Middle Eastern supplies. Brent crude and West Texas Intermediate experienced losses despite their previous weekly gains exceeding 5%. These expectations come amid ongoing, stalled negotiations between Washington and Tehran, with the U.S. Treasury Secretary threatening to impose the "harshest sanctions ever" on Iran, as Iranian oil shipments decrease and gold prices rise to their highest levels in over three months, amid anticipation of inflation data and a Federal Reserve speech.
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