Commodities
Oil Prices Slide as US Threatens Toughest Sanctions Yet on Iran
Oil prices have dipped as investors wait for news of new US sanctions on Iran. Brent crude futures fell $1.55 per barrel, or 1.64%, to $92.84 at 0911 GMT, while U.S. West Texas Intermediate crude was down $2.04, or 2.34%, at $85.02 a barrel.
The decline comes after oil prices rose more than 5% in the previous week as peace negotiations between the US and Iran stalled, constraining oil shipments through the Strait of Hormuz. This route carries around a fifth of global supplies.
US Treasury Secretary Scott Bessent has threatened to impose 'the toughest sanctions in history' on Iran, which could further disrupt oil supplies from the Middle East. President Donald Trump has also warned of imposing sanctions on Iran's trading partners.