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WTI hovers near $85 as US Iran sanctions plan draws attention
WTI last traded at $85.35 as investors awaited a US sanctions package that could extend beyond Iran to Russia or China, while Tehran warned it could halt Gulf oil exports.
WTI Oil trimmed gains and traded around $85.35 on Monday, as markets awaited details of a new US sanctions package targeting Iran that could also extend to Russia or China, according to FXStreet.
US Treasury Secretary Scot Bessent said in a Financial Times column that the US is preparing what he called its “single greatest offensive ever marshalled against an adversary,” and he is expected to hold a press conference later on Monday to lay out the actions for what he termed an “economic D-day” to isolate Iran.
Iranian authorities said they would not cut links with Iran’s partners, naming China and Turkey, and warned that collaborating with the US would be considered an “act of war,” raising risks of attacks on Gulf allies as well as in Europe, FXStreet reported.
Commerzbank analysts said any dips could be limited because geopolitical risks are keeping traders alert ahead of major scheduled data, and they pointed to shrinking crude inventories, with diesel stocks particularly tight.
Latest closeWTI crude $82.40 ▲1.4%