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Oil Prices Plummet Ahead of 'Toughest' Sanctions on Iran

Guavy AI Editorial Team
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Oil prices took a hit on Monday, falling by more than 1.8% as traders anxiously awaited the unveiling of new economic sanctions on Iran.

The Trump administration had threatened to impose 'the toughest sanctions in history' on Iran and countries doing business with Tehran, according to US Treasury Secretary Scott Bessent.

Brent crude, the international oil benchmark, dropped 1.44% to $93.00 at 8:44 a.m. EDT after yesterday's close.

US President Donald Trump had previously announced on Truth Social that the measures would target countries doing business with Iran, warning them of severe financial penalties.

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