Brent falls 3.8% to $87.14 as markets shrug off new Iran sanctions

Brent crude fell 3.8% to $87.14 a barrel by midday Tuesday, heading for a second daily decline after 13 gains in 14 days despite the new U.S. sanctions on Iran, AP reported; it had traded at $90.04 early in the day.

Why this matters. Brent swung between $72 and $102 in July on shifting hopes of a Hormuz deal and remains about 35% above pre-war levels, AP said.