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Oil Prices Drop as Investors Await New US Sanctions on Iran

Guavy AI Editorial Team
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Oil
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Oil prices dipped on Monday as investors locked in recent gains and awaited details of fresh US sanctions on Iran, which could further disrupt Middle East supplies.

Brent crude futures fell by $1.55, or 1.64%, to $92.84 at 0911 GMT, while US West Texas Intermediate crude was down $2.04, or 2.34%, to $85.02 a barrel.

Oil prices have been volatile in recent weeks due to tensions between the US and Iran, which has constrained oil shipments through the Strait of Hormuz, a crucial route for global supplies.

Treasury Secretary Scott Bessent threatened to impose 'the toughest sanctions in history' on Iran during a press conference at 1pm EDT (1700 GMT) on Monday.

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