Commodities
Iran Allowing Iraqi Oil Tankers Through Hormuz Amid US Sanctions Threat
Oil prices dropped by over 1% on Monday after Iran allowed some Iraqi oil tankers to pass through the Strait of Hormuz, following talks between the two countries.
The move came as the U.S. prepares to impose stricter economic sanctions on Iran, which could lead to further disruptions in Middle Eastern oil supplies.
The Brent crude price slid 1.4% to $93.09 a barrel by 00:47 ET (04:47 GMT), while West Texas Intermediate crude futures fell 1.6% to $85.65 a barrel.
Treasury Secretary Scott Bessent stated in an opinion piece for the Financial Times that an 'economic D-Day' was coming for Iran, as the U.S. prepares to announce its strictest round of sanctions yet against the country.