Oil plunged to the lowest in three weeks alongside a broader market decline. (Bloomberg) — Oil plunged to the lowest in three weeks alongside a broader market decline with traders also concerned about growing supply from the U.S. and Iran. Futures in New York tumbled 3.3% on Wednesday as increasing inflation fears rattled broader markets. Equities declined and the dollar strengthened, making raw materials priced in the currency less attractive. Meanwhile, in the oil market, a U.S. government report showed domestic crude stockpiles surged by the most since mid-March last week. Traders are also following talks between world powers in Vienna around reviving an agreement that would remove U.S. sanctions on Iran’s crude exports. A top European Union official said the U.S. and Iran are close to a deal. ”There’s been building concern around inflation in the commodities sphere, as well as the economy more generally, and the possibility […]