Commodities
US Sanctions Threaten to Further Tighten Global Oil Supplies
Brent crude oil prices dropped to around $93 per barrel after a sharp weekly rally, as investors took profits ahead of an expected US announcement on tougher sanctions against Iran.
US Treasury Secretary Scott Bessent said that Washington would impose the 'toughest' sanctions in history, describing them as an unprecedented campaign of economic isolation designed to pressure Iran and its trading partners into compliance.
The move could further tighten global oil supplies, as Iranian shipments have already been severely disrupted and offers to Chinese buyers have declined amid the US blockade.