US Sanctions on Iran Send Oil Prices into a Slide

Oil prices have taken a hit as investors await the US Treasury's announcement of its toughest-ever sanctions against Iran. West Texas Intermediate dropped to $85.93 per barrel, while Brent crude fell to $93.22. The move is aimed at economically isolating Tehran, but Iran has dismissed the threat, claiming it can maintain economic ties and counter sanctions.

The market expects continued volatility, with oil prices potentially ranging between $70 and $100 per barrel depending on the sanctions' effectiveness and Iran's response, including risks of increased regional tensions. Analysts are cautious about the impact, noting that the situation is complex and unpredictable.