Oil Prices Plunge as Investors Await US Sanctions on Iran
Oil prices plummeted nearly 2% on Monday morning as investors took profits ahead of the US unveiling its latest sanctions on Iran and its trading partners.
Brent crude futures declined by 1.5% to $92.95 by 02:40 GMT, while US West Texas Intermediate fell by 1.7% to $85.60 a barrel.
US Treasury Secretary Scott Bessent is set to hold a press conference at 18:00 GMT on Monday after threatening last week to impose 'the toughest sanctions in history' on Iran.