US Sanctions on Iran Send Oil Prices Tumbling

Oil prices fell on Monday as investors awaited details on a new US sanctions package targeting Iran. The measures, described by Washington as its toughest-ever economic campaign against Tehran, are set to be announced later in the day.

The West Texas Intermediate futures fell about 1.3% to $85.93 a barrel, while Brent crude declined 1.24% to $93.22.

US Treasury Secretary Scott Bessent said that 'at dawn begins an economic D-Day, the single greatest financial offensive ever marshaled against an adversary.'

Tehran has rejected the pressure, with the Islamic Revolutionary Guard Corps stating that Iran has ways 'to counter the adverse effects of the enemy's war' and can 'easily establish economic relations with countries,' according to Iranian state media.