Commodities
Home›Commodities›Energy›Oil prices slip ahead of expected US sanctions announc…
Oil prices slip ahead of expected US sanctions announcement on Iran
Brent futures fell $1.22 to $93.17 a barrel and WTI dropped $1.20 to $85.86, after crude rose more than 5% for two straight weeks.
Oil prices edged lower on Monday as investors booked profits before an expected Washington announcement on additional sanctions against Iran, with concern that any new measures could further disrupt Middle East crude supplies, according to LiveMint Markets.
Brent crude futures declined $1.22, or 1.29%, to $93.17 a barrel, while US West Texas Intermediate, or WTI, fell $1.20, or 1.38%, to $85.86 per barrel.
LiveMint Markets reported that both benchmarks had posted their second consecutive weekly gain last week, rising more than 5% after US-Iran peace talks reached a deadlock. The impasse has limited oil shipments through the Strait of Hormuz, a route previously carrying around one-fifth of global oil supply.
Ahead of a scheduled 2 p.m. EDT press conference, LiveMint Markets said US Treasury Secretary Scott Bessent warned Iran could face what he called the toughest sanctions in history, and President Donald Trump has threatened sanctions on countries that continue trading with Tehran. The article also cited expectations from a firm that it raised its Brent average estimates for upcoming quarters, attributing changes to continued Middle East production disruption, demand dynamics, and additional supply absorption assumptions tied to IEA releases and US inventory levels.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%