Oil Prices Decline Ahead of Expected US Sanctions on Iran
Oil prices declined on Monday as investors took profits following recent gains while awaiting details of new US sanctions expected against Iran, which could further disrupt supplies from the Middle East.
The Brent crude futures fell $1.55, or 1.64%, to $92.84 a barrel by 09:11 GMT, while US West Texas Intermediate crude declined $2.04, or 2.34%, to $85.02 a barrel.
US Treasury Secretary Scott Bessent is scheduled to hold a press conference at 1:00 p.m. Eastern Time (17:00 GMT) on Monday after threatening to impose what he described as the 'toughest sanctions in history' on Iran.
The Strait of Hormuz, which handles around one-fifth of global supplies, has seen reduced traffic due to Iranian and US blockades. Shipping data showed that fewer than 20 commercial vessels passed through the strait over the weekend.