Oil drops over 1% before Iran sanctions

The article discusses a decline in oil prices of more than a dollar per barrel ahead of a possible announcement of new US sanctions on Iran, as investors fear that these sanctions could cause additional disruptions to oil supplies from the Middle East. It is expected that the US Treasury Secretary will hold a press conference to reveal the maximum sanctions against Iran, which may include a naval blockade and sanctions on Iranian trading companies, potentially reducing oil supplies further and leading to higher prices, with forecasts suggesting that Brent crude could reach $100 during the fourth quarter of the year. Iran and its agencies have expressed their opposition to this escalation, while data indicates a slowdown in oil tanker movement through the Strait of Hormuz due to sanctions and blockades, amidst ongoing regional tensions.

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