Oil Prices Slip on Sanctions Uncertainty

Oil prices declined by about 1% on Monday as investors took profits ahead of an expected U.S. announcement on new sanctions against Iran, adding to uncertainty over future oil supplies from the Middle East.

The Brent crude futures fell $0.94, or 1%, to $93.45 a barrel, while U.S. West Texas Intermediate crude fell $0.92, or 1.06%, to $86.14 a barrel, according to Reuters on Monday.

The market reaction reflects competing concerns over Iran's oil exports, with tougher sanctions potentially reducing Iranian supplies and pushing prices higher, but investors focused on the immediate uncertainty surrounding Washington's announcement.