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Oil Prices Plummet Ahead of Washington's Iran Sanctions Announcement

Guavy AI Editorial Team
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Oil
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Oil prices took a hit on Monday as investors locked in profits ahead of Washington's anticipated announcement to impose further sanctions on Iran.

The Brent crude futures slipped 94 cents, or 1%, to $93.45 by 2308 GMT, while US West Texas Intermediate crude fell to $86.14 per barrel, down 92 cents or 1.06%.

This decline comes as the US Treasury Secretary Scott Bessent threatened to impose 'the toughest sanctions in history' on Iran, which could exacerbate global tensions and further disrupt oil supplies.

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