Commodities
Oil Prices Plummet as US Prepares to Intensify Iran Sanctions
Crude oil prices took a hit on Monday, plummeting over 2% to below $85 a barrel as investors awaited the US plan to intensify economic pressure on Iran.
The two-week rally came to an end as traders anticipated further measures from Washington to cut off Tehran's economic lifelines. Treasury Secretary Scott Bessent emphasized that the objective is to sever Iran's access to its economic resources.
The scope of potential measures remains uncertain, and targeting China, the largest buyer of Iranian crude, could increase pressure on Tehran but also risk broader economic repercussions. Iran has previously demonstrated its ability to circumvent sanctions and has warned against countries supporting Washington's efforts.