Oil Prices Tumble Ahead of Potential US Sanctions on Iran

Crude oil futures fell on Monday ahead of expected US sanctions on Iran. At 10:03 am, November Brent oil futures were at $91.30, down by 1.48%, and October crude oil futures on WTI (West Texas Intermediate) were at $85.59, down by 1.69%. September crude oil futures traded at ₹8,205 on the Multi Commodity Exchange against a previous close of ₹8,359, down by 1.84%.

US Treasury Secretary Scott Bessent had said that the US would impose the 'toughest sanctions in history' on Iran, which could likely negate the need for major US military operations against Iran, according to an interview with CNBC last week. US President Donald Trump also stated that the US plans to choke Iran's economy by levying major penalties against any country that provides 'any type of lifeline' to Iran.

Iran's National Security Council secretary Mohsen Rezaei warned that Iran would take decisive action if any neighbouring country joined the US-proposed economic warfare. Meanwhile, September natural gas futures were trading at ₹267.20 on MCX during the initial hour of trading on Monday against a previous close of ₹269.70, down by 0.93%.