Oil Prices Plummet Amid Anticipation of Tougher Sanctions on Iran

Oil prices have declined by over 1% in early trading on Monday as markets anticipate additional US sanctions against Iran. The uncertainty surrounding the standoff between Washington and Tehran is affecting global energy supplies.

Brent crude futures dropped by $1.22, or 1.29%, to $93.17 per barrel, while US West Texas Intermediate crude decreased by $1.20, or 1.38%, to $85.86 per barrel.

Investors are awaiting statements from US Treasury Secretary Scott Pigeon, who threatened to impose 'the toughest sanctions ever' on Iran, and US President Donald Trump's warning of sanctions on countries and companies dealing with Tehran.