Oil drops as traders await new US sanctions targeting Iran
What's next: Treasury Secretary Scott Bessent is due to detail the package Monday as markets weigh tighter supply and risks around the Strait of Hormuz.
Oil prices fell Monday as investors took profits and waited for Washington to roll out a new round of sanctions on Iran, a move markets fear could tighten Middle East crude supplies further. Brent crude dropped about 1.3% to roughly $93 a barrel, while US benchmark West Texas Intermediate fell about 1.6% to near $85.7. The sanctions package is set to be detailed later Monday by Treasury Secretary Scott Bessent after President Donald Trump threatened sweeping economic penalties on Iran and its trading partners. The backdrop is a stalled US-Iran diplomatic track and continued disruption around the Strait of Hormuz, a key route for global oil flows. Analysts said prices could stay volatile as traders assess whether the measures curb Iranian exports and whether Tehran retaliates.
Sources
Earlier in this story
- 3 hours agoOil drops as traders await new US sanctions targeting Iranreading now
- 3 hours agoChina rejects U.S. call to join economic isolation of Iran
- 4 hours agoIran pushes back as US prepares toughest sanctions package yet
- 7 hours agoIran threatens to brand sanctioning countries as enemies
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- 8 hours agoIran rejects U.S. sanctions threat, calls Washington desperate
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