US Sanctions Campaign Against Iran Sends Oil Prices Lower
Oil prices fell on Monday as investors awaited details of the US's sanctions campaign against Iran. The US Treasury Secretary, Scott Bessent, is set to unveil a new package of sanctions later in the day, which Washington has billed as its toughest-ever.
Brent crude, the international benchmark, lost 1.24% to $93.22 a barrel, while West Texas Intermediate futures, the US benchmark, declined about 1.3% to $85.93 per barrel.
The US is pushing for economic ties with Tehran to be cut by its allies and other countries, which could lead to an even greater impact on oil prices if achieved.
CBA expects oil prices to remain volatile in the second half of 2026 as markets weigh whether Washington's push to economically isolate Iran will succeed and how Tehran could respond.