Oil Prices Plummet Amid New US Sanctions Threats Against Iran

Oil prices fell sharply on Monday due to investor expectations of new U.S. sanctions against Iran, which could further disrupt oil supplies from the Middle East.

The price of Brent crude futures dropped by $1.01 per barrel, or 1.1%, to $93.38 at 13:16 GMT, while U.S. West Texas Intermediate crude fell by $1.42, or 1.6%, to $85.64 per barrel.

The decline comes after the recent rally, with both contracts recording their second consecutive weekly gain last week due to peace talks between the United States and Iran reaching an impasse.

U.S. Treasury Secretary Scott Bessent threatened to impose 'the toughest sanctions in history' against Iran, while President Donald Trump warned of sanctions on Iran's trading partners.