WTI Falls 1.3% on US Iran Sanctions Threat

Oil prices took a hit as markets braced for a major US move against Iran. West Texas Intermediate (WTI) futures dropped 1.3% to $85.93 per barrel, while Brent crude fell 1.24% to $93.22 per barrel.

The impending sanctions, described by officials as the largest ever, have sent shockwaves through oil markets. US Treasury Secretary Scott Bessent tweeted that an 'economic D-Day' was imminent and would mark the largest financial offensive against any enemy nation.

Countries helping Iran evade sanctions will face severe penalties, increasing pressure on allies to cut ties with Tehran. President Donald Trump has vowed to carry out the most powerful economic operation ever imposed on a country, sparking concerns about global oil supply.