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Oil Prices Plummet Ahead of Fresh US Sanctions on Iran

Guavy AI Editorial Team
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Oil
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Oil prices declined by more than $1 on Monday as investors took profits and anticipated new US sanctions on Iran. The Brent crude futures contract fell $1.16, or 1.23%, to $93.23 a barrel at 11:31 a.m. GMT.

The US West Texas Intermediate crude contract declined $1.55, or 1.78%, to $85.51 a barrel.

US Treasury Secretary Scott Bessent is expected to announce new measures against Iran during a press conference later Monday, which could reduce regional oil supplies and prompt tighter restrictions on Iranian oil exports, according to PVM analyst Tamas Varga.

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