Commodities
Oil Prices Dip Ahead of Expected US Sanctions on Iran
Oil prices dropped by 1% on Monday as investors took profits ahead of an expected announcement from Washington to impose more sanctions on Iran.
The price drop was led by Brent crude futures, which fell 94 cents to $93.45 by 2308 GMT, while US West Texas Intermediate crude traded at $86.14 a barrel, down 92 cents or 1.06%.
This comes as the US Treasury Secretary Scott Bessent is set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday to detail coordinated sanctions aiming to collapse Iran's regime by squeezing its oil revenue and isolating it economically.