Oil prices fell about 1% on Monday as investors took some profits while awaiting a fresh announcement from Washington on tougher sanctions against Iran.
Brent crude futures fell 94 cents, or 1%, to US$93.45 a barrel by 2308 GMT, while US West Texas Intermediate (WTI) crude dropped 92 cents, or 1.06%, to US$86.14 a barrel.
The decline came ahead of a planned press conference by US Treasury Secretary Scott Bessent, who is expected to outline further sanctions against Iran. Bessent has previously warned that Washington would impose “the toughest sanctions in history” on the country.
The market is now watching how the new measures could affect Iranian oil flows and broader supply conditions, particularly amid continued sensitivity around regional energy routes.
The move lower also reflected profit-taking following recent gains in crude prices as traders assessed the potential impact of the US sanctions against Iran.
Bessent is scheduled to hold the press conference at 2pm EDT on Monday, or 1800 GMT, where further details on the measures are expected.
Reuters
