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Oil Prices Plummet Ahead of US Sanctions Announcement

Guavy AI Editorial Team
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Oil prices dropped more than $1 a barrel on Monday as investors took profits ahead of an expected announcement from Washington about imposing further sanctions on Iran.

The U.S. Treasury Secretary, Scott Bessent, is set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday, where he has threatened to impose 'the toughest sanctions in history' on Iran.

President Donald Trump has also threatened to impose sanctions on Iran's trading partners.

Brent crude futures fell $1.23, or 1.3%, to $93.16 by 0329 GMT, while U.S. West Texas Intermediate crude was at $85.7 a barrel, down $1.36, or 1.6%.

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