Brent and WTI fall as US readies new Iran sanctions
Business
Oil prices took a noticeable hit this Monday morning: Brent crude dropped to $92.60 per barrel and WTI fell to $85.35.
The timing is not random: the US is about to announce new sanctions on Iran later today, adding another layer of uncertainty for anyone watching the energy market.
Iran threatens Gulf oil exports
US Treasury Secretary Scott Bessent called these sanctions "the toughest sanctions in history," and Iran's response was pretty bold: they have threatened to stop all Gulf oil exports if things get worse.
Meanwhile, offers of Iranian crude to Chinese buyers had fallen and prices were rising, making people nervous about possible disruptions in Middle Eastern oil supplies.