Oil Prices Drop Amid Sanctions on Tehran

Oil prices fell by more than 1% as investors took profits ahead of an expected US announcement on imposing further sanctions on Iran, which could increase supply disruptions from the Middle East. Brent crude futures dropped $1.22, or 1.29%, to $93.17, while US West Texas Intermediate crude fell $1.20, or 1.38%, to $85.86 per barrel. Both benchmarks recorded weekly gains for the second consecutive week last week, rising by more than 5%, as talks between the US and Iran remained at an impasse, restricting oil shipments through the Strait of Hormuz, which had been carrying one-fifth of global supplies. US Treasury Secretary Scott Bessent threatened to impose the “harshest sanctions ever” on Iran.