Oil plunged Thursday, with U.S. crude dropping more than 3 percent as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more incremental impact than expected and U.S. crude oil inventories rose sharply. U.S. crude was down $2.24, or 3.5 percent at $61.35 per barrel by 11:34 a.m. EDT (1534 GMT), heading for its biggest weekly fall since February. Brent crude futures fell $1.92, or 2.7 percent to $70.26. The U.S. sanctions on Iran intensified as the Trump Administration halted waivers allowing eight countries including China and Turkey to continue to do business with Iran. “You don’t get a sense that China or Turkey are pulling back completely,” said John Kilduff, a partner at Again Capital Management in New York. “A little bit of […]