Oil Prices Slide Amid Anticipation of US Economic Sanctions on Iran

Oil prices declined by over 2% in early Asian trade on Monday as traders took profits and markets awaited details of a new U.S. sanctions package against Iran.

At the time of writing, WTI futures were trading at $85.18 per barrel, down 2.16%, while Brent futures were trading at $92.32 per barrel, down 2.19%.

The pullback appears to be driven primarily by profit-taking from last week's rally rather than any significant improvement in the underlying geopolitical picture.

U.S. Treasury Secretary Scott Bessent is due to hold a press conference at 2 p.m. on Monday to announce new economic measures against Tehran, which he has described as an 'economic D-Day'.