US Sanctions on Iran Send Oil Prices Plummeting

Oil prices have slipped in advance of new US sanctions on Iran, which are set to be unveiled by US Treasury Secretary Scott Bessent. The measures are considered Washington's strongest economic offensive against Tehran to date.

Brent crude has fallen around 1.3% to near $93 a barrel, while West Texas Intermediate (WTI) dropped about 1.6% to near $86. Both benchmarks had posted back-to-back weekly gains last week amid stalled US-Iran talks that disrupted flows through the Strait of Hormuz.

The Islamic Revolutionary Guard Corps has pushed back against the sanctions, claiming Iran can withstand the pressure and maintain trade ties elsewhere. However, President Masoud Pezeshkian has called for a diplomatic resolution, highlighting internal division among Iranian leaders who favor negotiation versus hardliners resistant to compromise.