Oil prices retreated on Wednesday, extending the decline in the previous session after President Donald Trump said he ordered the Treasury Department to “substantially increase” sanctions on Iran. Trump’s announcement follows attacks on the world’s largest crude-processing plant and oil field in Saudi Arabia that had forced the kingdom to cut its production in half. Oil prices jumped the most in history on Monday due to the disruption. Brent crude oil futures were down 79 cents, or 1.22%, at $63.76 a barrel. U.S. West Texas Intermediate crude futures were down 1.16 cents, or 1.16%, at $58.18. Oil tumbled as much as ... (full story)