Oil prices fall 1% as US readies new Iran sanctions
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Oil prices fell 1% on Monday as investors took profit ahead of an expected US announcement of further sanctions on Iran. Brent crude futures dropped 94 cents to $93.45 a barrel, while US West Texas Intermediate fell 92 cents to $86.14. The decline came as US Treasury Secretary Scott Bessent prepared to hold a press conference at 2 p.m. EDT.
Key Facts
- Brent crude futures fell 94 cents, or 1%, to $93.45 a barrel by 2308 GMT on Monday.
- US West Texas Intermediate crude was at $86.14 a barrel, down 92 cents, or 1.06%.
- US Treasury Secretary Scott Bessent is set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday.
- Bessent has threatened to impose "the toughest sanctions in history" on Iran.
Market Reaction
Oil prices slipped 1% on Monday as investors took profit ahead of an expected announcement from Washington to impose more sanctions on Iran. Brent crude futures fell 94 cents, or 1%, to $93.45 by 2308 GMT. US West Texas Intermediate crude was at $86.14 a barrel, down 92 cents, or 1.06%.
US Sanctions Threat
US Treasury Secretary Scott Bessent is set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday. Bessent has threatened to impose "the toughest sanctions in history" on Iran.
5 sources
Oil prices fall 1% as US readies new Iran sanctions
