Oil Prices Plummet Ahead of US Sanctions on Iran

Oil prices fell on Monday ahead of an expected US announcement on additional sanctions against Iran.

The Brent crude futures price dropped by $1.22, or 1.29%, to $93.17 a barrel, while US West Texas Intermediate crude declined by $1.20, or 1.38%, to $85.86 a barrel.

This comes as investors took profits after the two benchmarks posted weekly gains for a second consecutive week last week, rising more than 5% due to the ongoing tensions between the United States and Iran.

The Strait of Hormuz, through which roughly one-fifth of global oil supplies normally pass, has seen restricted shipments due to the impasse in talks between the two countries.