Oil is tumbling, dropping below the key $70 level, and sliding as low as $68.68 following a Bloomberg report that the US has lifted sanctions on Iranian oil officials as well as entities in Dubai... *U.S. DELETES SANCTIONS ON 3 PEOPLE, INCLUDING ONE OIL OFFICIAL ... which the market appears to be interpreting as a harbinger of a broader easing in Iranian sanctions, opening the door to more supply from the region. While there is still little information, the market is likely getting ahead of itself here, because as we reported previously, Iran's chief negotiator said earlier in Vienna talks that the texts are more ... (full story)