Oil Continues To Drop As U.S. Treasury Authorizes Iranian Oil Sales

Oil prices continued dropping on Monday as the U.S. Treasury authorized the sale of Iranian oil following progress in talks between the two countries. (Credit: Mario Tama/Getty Images)

Oil prices continued to drop on Monday following progress in talks between the U.S. and Iran and the Treasury Department's authorization of Iranian oil sales under a 60-day license.

Brent crude, the international benchmark, dropped more than 3% and stood below $77.50 a barrel at 9:57 a.m., while West Texas Intermediate, the U.S. benchmark, fell 2.77% and clocked in at $73.77 at the same time.