Oil Prices Plummet Ahead of Potential US Sanctions on Iran

Crude oil futures fell on Monday as investors awaited an expected US announcement on economic sanctions against Iran.

The November Brent oil futures price dropped by 1.42% to $91.35, while October crude oil futures on West Texas Intermediate (WTI) were down by 1.59% at $85.68.

September crude oil futures on the Multi Commodity Exchange (MCX) traded at ₹8,211 against the previous close of ₹8,359, down by 1.77%, while October futures were trading at ₹8,048 against the previous close of ₹8,181, down by 1.63%.

The expected sanctions on Iran come after US Treasury Secretary Scott Bessent said last week that the US would impose 'the toughest sanctions in history' on the country.