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Oil prices dip more than 2% amid Iran sanctions watch
WTI futures traded at $85.18 per barrel and Brent at $92.32, both down about 2.2%, as traders weighed profit-taking and awaited U.S. Treasury Secretary Scott Bessent’s new Iran measures.
Oil prices slid more than 2% in early Asian trade Monday as traders took profits and waited for details of a new U.S. sanctions package targeting Iran, according to OilPrice.
At the time of writing, WTI futures were quoted at $85.18 per barrel, down 2.16%, while Brent futures were at $92.32 per barrel, down 2.19%. Both benchmarks rose more than 5% last week as U.S. and Iran trading threats intensified, Iranian crude exports fell, and tanker traffic through the Strait of Hormuz slowed.
OilPrice said the pullback appeared driven mainly by profit-taking rather than a clear improvement in the underlying geopolitical outlook, noting there have been no confirmed attacks in the Strait of Hormuz over the past 48 hours.
The outlet also pointed to U.S. CENTCOM claims that the U.S. blockade of Iranian ports has redirected 70 commercial vessels and disabled three, while Iran’s Persian Gulf Strait Authority published a list of dozens of vessels it says violated transit arrangements. The next potential catalyst is U.S. Treasury Secretary Scott Bessent’s scheduled 2 p.m. press conference to announce new economic measures against Tehran.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%