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The second wave of US sanctions will hit Iran’s petroleum export from November 4. Responding to the future supply concerns, Saudi Arabia’s Energy Minister announced to “meet any demand that materializes to ensure customers are satisfied.” and crude collapsed as much as 5% after that. Owing to these reasons, oil prices slumped on Wednesday. Brent crude was traded at $76.37 a barrel and US WTI was at $66.31 a barrel.