Bessent's Economic D-Day Sparks Oil Price Slide

Oil prices slid by over 2% on Monday in early Asian trade as traders took profits and markets awaited the announcement of new U.S. economic sanctions against Iran.

The WTI futures contract fell to $85.18 per barrel, down 2.16%, while Brent futures dropped to $92.32 per barrel, a decline of 2.19%.

While the pullback appears driven primarily by profit-taking from last week's rally, traders will be watching closely for any significant changes in the underlying geopolitical picture.

The Strait of Hormuz has seen no confirmed attacks over the past 48 hours, but tanker traffic through the strait remains significantly reduced.

On Monday, U.S. Treasury Secretary Scott Bessent is due to hold a press conference at 2 p.m. to announce new economic measures against Tehran, which he has described as an 'economic D-Day'.