Oil Prices Slip as Iran Sanctions Package Unveiled

Oil prices are down after two weeks of gains above 5%, with WTI trading at $85.65 per barrel and Brent at $93.09, a decline of 1.62% and 1.38%, respectively.

The pullback is seen as positioning rather than repricing, as the market digests the breakdown in US-Iran efforts and the impending sanctions campaign against Tehran.

The Treasury Secretary is set to unveil what Washington has described as its toughest-ever sanctions package against Iran on Monday, which will target international financial and commercial channels, including banks, businesses, shipping registries, cash transfers, and smuggling networks.

However, some analysts argue that the additional measures may not change Iran's behavior, given that it is already among the most sanctioned economies in the world.