Oil at lowest since mid-February as Iran shrugs off sanctions

Iran is putting on a brave face as the US ramps up sanctions.

Foreign minister Salehi says the sanctions create “minor problems” and that the West is “wrong” in thinking Iran will “surrender”.

So far $102 is holding in WTI but, technically, crude looks weak. The next level of support is $101.20, which is the 61.8% retracement of the February run up.