Oil Prices Plunge Ahead of US Sanctions Announcement
Oil prices have taken a hit ahead of an expected announcement from Washington on new sanctions against Iran.
The Brent crude futures fell $1.22, or 1.29 percent, to $93.17 a barrel by 12:35am GMT (8:35am SGT) while US West Texas Intermediate crude was at $85.86 a barrel, down $1.20, or 1.38 percent.
This comes as investors take profits ahead of an expected announcement from Washington about imposing more sanctions on Iran that may further disrupt supplies from the Middle East.
Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia, noted that 'It is unclear whether US policy to economically isolate Iran will prove effective.'
The US Treasury Secretary Scott Bessent is set to hold a press conference at 2pm (Tuesday, 2am SGT) on Monday and has threatened to impose 'the toughest sanctions in history' on Iran.