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Oil prices slide more than 1% ahead of new Iran sanctions
Brent dropped $1.23, or 1.3%, to $93.16 a barrel, while WTI fell $1.36, or 1.6%, to $85.7, reversing gains after two straight weekly increases.
Oil prices fell more than $1 a barrel on Monday as investors took profits ahead of an expected U.S. announcement on additional Iran sanctions that could further disrupt Middle East supply, according to Reuters. Brent crude futures declined $1.23, or 1.3%, to $93.16 by 0329 GMT, while U.S. West Texas Intermediate crude traded at $85.7 a barrel, down $1.36, or 1.6%. Both contracts had posted their second weekly gains last week, rising more than 5%, after peace talks between the U.S. and Iran stalled. The risk to supply is centered on the Strait of Hormuz, where a fifth of the world’s supply used to transit, Reuters reported. U.S. Treasury Secretary Scott Bessent was scheduled to hold a press conference at 2 p.m. EDT (1800 GMT), after remarks threatening “the toughest sanctions in history” on Iran, and President Donald Trump also threatened sanctions on Iran’s trading partners. While trade sources said offers of Iranian crude to Chinese buyers have declined and prices rose as shipments tightened, Iran granted permission for some Iraqi oil tankers to pass through the strait after repeated requests from Baghdad, Reuters reported, citing IRNA. Analysts also warned that any recovery in Middle East supplies could take longer if the U.S.-Iran conflict persists.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%