Oil Falls on Anticipation of New US Sanctions on Iran

Oil prices slipped on Monday as investors took profits ahead of an expected announcement from Washington about imposing more sanctions on Iran that may further disrupt supplies from the Middle East.

Brent crude futures fell $1.23, or 1.3%, to $93.16 by 0329 GMT, while U.S. West Texas Intermediate crude was at $85.7 a barrel, down $1.36, or 1.6%.

The decline comes after both contracts posted their second weekly gains last week, up more than 5%, as peace talks between the U.S. and Iran hit a stalemate, capping oil shipments through the Strait of Hormuz where a fifth of the world's supply used to transit.

U.S. Treasury Secretary Scott Bessent is set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday, and has threatened to impose 'the toughest sanctions in history' on Iran. President Donald Trump has also threatened to impose sanctions on Iran's trading partners.