Iran Sanctions Loom Over Oil Markets

Oil prices fell on Monday as investors took profits and awaited new US sanctions on Iran.

Brent crude futures dropped $1.16, or 1.23%, to $93.23 a barrel at 11:31 a.m. GMT, while U.S. West Texas Intermediate crude declined $1.55, or 1.78%, to $85.51 a barrel.

The losses followed a second consecutive weekly gain last week, with both contracts rising more than five percent.

US Treasury Secretary Scott Bessent is expected to announce new measures against Iran during a press conference later Monday, which could further reduce regional oil supplies and prompt tighter restrictions on Iranian oil exports.