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Commodities

US Sanctions on Iran Send Oil Prices Tumbling

Guavy AI Editorial Team
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Oil
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Oil prices fell on Monday after investors took profits ahead of the US announcement on new sanctions against Iran.

Brent crude dropped by $1.22, or 1.29%, to $93.17 a barrel at 12:35 AM GMT, while US West Texas Intermediate (WTI) crude fell by $1.20, or 1.38%, to $85.86 a barrel.

The prices had risen over the past week due to concerns about disruptions to oil shipments through the Strait of Hormuz, a key waterway that carries around one-fifth of the world's oil supply.

US Treasury Secretary Scott Bessent is scheduled to hold a press conference on Monday at 2:00 PM US time, or 6:00 PM GMT, where he may announce new sanctions against Iran.

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