Iran Sanctions Send Oil Prices into a Slump
Oil prices fell slightly on Monday as investors waited to see what measures would be unveiled by US Treasury Secretary Scott Bessent in the toughest set of Iran sanctions yet.
The futures contract for Brent crude, the international benchmark, dropped by around 1.4% to $93.09 a barrel while the contract for West Texas Intermediate, the American benchmark, retreated by a little over 1.6% to $85.65 a barrel.
Bessent described the sanctions as an 'economic D-Day' and warned that any country or entity that assisted Tehran in evading the sanctions would face severe financial consequences.
Critics of the sanctions, including Iran's Islamic Revolutionary Guard Corps, believe they will not be effective and that the country can easily establish economic relations with other nations.