Oil Prices Decline as Investors Await Iran Sanctions

Oil prices declined on Monday as investors locked in profits following recent gains while awaiting details of a new round of U.S. sanctions against Iran.

Brent crude oil, which is priced against Nigerian crude, fell by more than $1 a barrel to $93 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped toward $86 per barrel.

The decline comes after Brent and WTI advanced last week as escalating tensions between Washington and Tehran increased concerns about supplies from the Middle East.

U.S. Treasury Secretary Scott Bessent is expected to unveil the new sanctions later on Monday, which will form part of a broader effort to restrict Iran's access to international trade and financial flows.