US Sanctions on Iran Send Oil Prices Plummeting

Oil prices dropped by around 1.3% and 1.24% for West Texas Intermediate futures and Brent crude, respectively, on Monday due to market uncertainty over the impact of upcoming US sanctions on Iran.

The US Treasury Secretary Scott Bessent is set to announce the measures later in the day, with President Donald Trump calling it 'the single greatest financial offensive ever marshaled against an adversary.'

Tehran has dismissed the pressure, asserting that Iran has strategies to counter the economic war and maintain trade relations with other nations.

The Commonwealth Bank of Australia projected a volatile outlook for oil markets through 2026, with Brent expected to trade within a $70-$100 range.