US Sanctions Against Iran Send Oil Prices Tumbling

Oil prices fell on Monday as investors awaited details on a new US sanctions package targeting Iran.

The West Texas Intermediate futures declined by about 1.3% to $85.93 a barrel, while Brent crude dropped 1.24% to $93.22.

US Treasury Secretary Scott Bessent is expected to announce the measures later on Monday.

Bessent described the sanctions as 'the single greatest financial offensive ever marshaled against an adversary,' and previously stated that Washington seeks to 'collapse' the Islamic Republic through the 'toughest sanctions in history.'

Tehran has rejected the pressure, with the Islamic Revolutionary Guard Corps stating it can 'easily establish economic relations with countries.'