Oil prices fall 1% ahead of expected new US sanctions on Iran
Oil prices dropped about 1% on Monday as investors took profits ahead of an anticipated US announcement of additional sanctions on Iran.
Key Takeaways
AIOil prices fell by around 1% on Monday as investors moved to take profits ahead of an expected announcement from the United States regarding additional sanctions on Iran.
Brent crude futures dropped 94 cents, or 1%, to $93.45 a barrel by 23:08 GMT, while US West Texas Intermediate crude fell 92 cents, or 1.06%, to $86.14 a barrel.
Investors are awaiting the US announcement on new sanctions against Iran, after the US Treasury Secretary—named as Scott Besant in the Arabic source, though this does not correspond to any current or recent Treasury Secretary—threatened to impose “the toughest sanctions ever” on Tehran.
The official is scheduled to hold a press conference at 2 p.m. Eastern Time (18:00 GMT) on Monday to reveal details of the upcoming US measures.