Oil drops on Iran sanctions outlook

Oil prices declined today, Monday, amid anticipation of the United States announcing new sanctions against Iran. Brent crude fell by 1.4% to $93.07 per barrel, while West Texas Intermediate dropped by 1.6% to $85.64 per barrel. This comes amid market expectations of cautiousness amid ongoing tensions. Additionally, the dollar was impacted by inflation concerns, while gold surged to record levels around $4,653 per ounce. Currently, attention is focused on the Jackson Hole symposium seeking hints about the future direction of U.S. interest rates.

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