News of the European Union considering a six-month delay on sanctions against Iran, to allow European countries to find alternative supplies, seems to have lifted a heavy weight that was pinching the nerves of the world-wide oil industry, according to a spokesperson for AAAs Auto Club South.

Jessica Brady said the news calmed concerns that Iran will try to obstruct the Strait of Hormuz, which transports up to 17 million barrels of oil a day. As a result, crude oil prices fell below $100 a barrel.

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