Oil Prices Drop Amid Washington's Threat of 'Harshest Sanctions' on Iran
Global oil prices fell amid fears of escalating US sanctions on Iran and their impact on supplies
Translated by Qiyas from الراي — Original source
Oil prices fell by more than 1 percent on Monday as investors took profits ahead of an expected US announcement on imposing additional sanctions on Iran, which could further disrupt supplies from the Middle East.
Brent crude futures dropped $1.22, or 1.29 percent, to $93.17, while US West Texas Intermediate crude fell $1.20, or 1.38 percent, to $85.86 per barrel.
Both benchmarks recorded weekly gains for the second consecutive week last week, rising by more than 5 percent, as talks between the United States and Iran remained at a standstill, 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 and is scheduled to hold a press conference on Monday.
