Brent crude falls 2% to $92.5 as US eyes tighter Iran sanctions
Brent crude dropped to $92.5 a barrel as investors took profits and awaited new US measures targeting Iran.
Key Takeaways
AIBrent crude prices fell by 2% to $92.5 a barrel as investors continued to take profits following two consecutive weeks of gains, ahead of an anticipated US announcement on tightening economic pressure against Iran.
Investors are awaiting a press conference by US Treasury Secretary Scott Besant at 2 p.m. Eastern Time (18:00 GMT), where he has pledged to unveil details of a new campaign aimed at further isolating Iran economically.
In an opinion piece published in the Financial Times, Besant said the US campaign will target entities that purchase or transport Iranian oil, as well as exchange networks, banks, shipping companies, and intermediaries that help Iran generate and transfer revenue.
Analysts believe that tougher sanctions could increase risks to oil supplies from the Middle East, potentially impacting global market prices.