Iran Sanctions Weigh on Oil Prices as Middle East Tensions Persist
Oil prices retreated on Monday as investors took profits ahead of expected US sanctions against Iran. The Brent crude price fell to around $93 a barrel, while US crude slipped to about $86.
The decline in oil prices came after a strong weekly rally, which was driven by concerns over supply disruptions and the ongoing tensions in the Middle East.
US Treasury Secretary Scott Bessent announced that Washington would impose what he described as 'the toughest' sanctions in history against Iran. The measures are expected to intensify economic pressure on Tehran and countries continuing to trade with it.
The sanctions could put additional pressure on already constrained global oil supplies, particularly given the ongoing disruptions to Iranian crude shipments and reduced traffic through the Strait of Hormuz.