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Oil Prices Plummet Amid Anticipation of US Sanctions on Iran

Guavy AI Editorial Team
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Oil
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Oil prices dipped nearly 2% on Monday as traders anticipated further sanctions against Iran. The United States is set to unveil new economic pressure measures, which Treasury Secretary Scott Bessent described as 'our endgame'. Brent crude fell by $1.90 per barrel to trade at $92.60, while U.S. West Texas intermediate crude dropped $1.76 to $85.20.

Tehran has threatened to retaliate with sanctions if Washington continues its economic pressure campaign. The planned measures aim to disrupt Iranian oil exports through the strategic Strait of Hormuz, a crucial waterway for global crude supply.

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