US Sanctions on Iran Send Oil Prices Plummeting by Over $1
Oil prices have taken a sharp hit after US investors took profits ahead of new sanctions on Iran. The measures are expected to disrupt Middle East oil supplies further.
The Brent crude futures fell $1.22, or 1.29%, to $93.17 a barrel by 0035 GMT. Meanwhile, the US West Texas Intermediate (WTI) dropped $1.20, or 1.38%, to $85.86 per barrel.
US Treasury Secretary Scott Bessent is set to hold a press conference at 2 p.m. EDT on Monday. He warned that Washington could impose its 'toughest sanctions in history' on Iran. President Donald Trump also threatened sanctions against Iran's trading partners.
Analysts, however, questioned whether the US can isolate Iran economically. Vivek Dhar of Commonwealth Bank of Australia said the sanctions could create a greater risk for energy markets. If the measures succeed, Iran could respond with increased violence, he warned.