Oil Prices Tumble Amid Fresh US Sanctions Threat on Iran

Global oil prices fell on Monday as markets reacted to the prospect of fresh US sanctions on Iran amid heightened tensions over Washington's pressure on Tehran.

The Brent crude, an international benchmark, declined by more than 1% to around $93.45 a barrel in early trading, while US crude prices also dropped by more than 1%, according to Al Jazeera.

US Treasury Secretary Scott Bessent warned that an economic 'D-Day' was approaching for Tehran and planned to hold a news conference later Monday to outline details of the new sanctions.

West Texas Intermediate (WTI) crude prices were trading about 1.3% lower at $85.93 a barrel, as traders assessed the potential impact of Washington's measures against Iran, a major oil producer.