Oil Prices Slide Amid Tensions with Iran Ahead of US Sanctions

The crude oil market experienced a downturn on Monday as traders evaluated conflicting developments from the Strait of Hormuz while preparing for Washington's latest sanctions offensive targeting Iran.

Brent crude futures decreased approximately 1.4% to reach $93.09 per barrel, while West Texas Intermediate slipped 1.6% to settle at $85.65.

The price retreat followed reports from Iranian state media indicating Tehran granted passage to several Iraqi oil tankers through Hormuz after receiving diplomatic overtures from Baghdad.

Treasury Secretary Scott Bessent declared an 'economic D-Day' awaits Iran, cautioning that its 'enablers' involved in purchasing and shipping its petroleum would do well to consider the consequences.