Oil Prices Drop Amid Uncertainty Over New US Sanctions on Iran

Oil prices pulled back on Monday as markets awaited new U.S. sanctions on Iran.

WTI crude dropped to around $85.29 per barrel, down about 2% from Friday's settlement of $87.06, while Brent crude fell to approximately $92.76 per barrel, about 1.7% below Friday's settlement of $94.39.

The decline is attributed to profit-taking following two strong weeks of gains, as well as uncertainty ahead of the U.S. sanctions announcement involving Iran.

U.S. Treasury Secretary Scott Bessent has described the measures as potentially the toughest sanctions ever imposed on Iran, while President Donald Trump has threatened penalties against countries continuing to trade with Tehran.