Oil Prices Tumble As Iran Sanctions Set In
Oil prices took a noticable hit on Tuesday morning, as markets adjusted to the "new normal" of U.S. sanctions on Iran. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)- U.S. monthly oil production jumped to 11.3 million barrels per day in August, a new all-time record high. Production in Texas topped 4.6 mb/d in August. - The jump was enough to make the U.S. the largest oil producer in the world, overtaking Russia’s 11.2 mb/d. - Pipeline constraints and other bottlenecks were expected to slow development.…