Oil Prices Dip Ahead of Iran Sanctions Announcement

Oil prices declined on Monday ahead of the announcement of new US sanctions against Iran. The Brent crude price is trading at $93.08 per barrel, a 1.39% drop from Friday's close.

The WTI crude futures for October fell by 1.63% to $85.64 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

Despite the recent decline, oil prices have risen significantly over the past week, with both Brent and WTI contracts increasing by more than 5%.

The market is awaiting the details of the US plan to increase economic pressure on Iran, which was announced by US Treasury Secretary Scott Bessent as 'the largest coordinated economic isolation in world history'.