US Sanctions Plan Sends Oil Prices Plummeting Amid Global Uncertainty
The US Treasury Secretary Scott Bessent announced plans to unveil a new package of sanctions against Iran, calling it 'the single greatest financial offensive ever marshaled against an adversary.' The move comes after President Donald Trump threatened to launch 'the most crushing economic operation ever taken against any country' against Iran.
Iran pushed back through the Islamic Revolutionary Guard Corps, saying Tehran has ways 'to counter the adverse effects of the enemy's war' and can 'easily establish economic relations with countries.' However, Commonwealth Bank of Australia expects oil prices to remain volatile in the second half of the year as markets weigh whether Washington’s push to economically isolate Iran will succeed.
Brent crude futures declined $1.23, or 1.3%, to $93.16 a barrel, while US West Texas Intermediate fell $1.36, or 1.6%, to $85.70 a barrel as investors locked in profits ahead of the expected US announcement.