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Oil drops before US Iran sanctions
Oil prices fell by more than a dollar per barrel ahead of the US administration's announcement of new sanctions against Iran, amid concerns that the sanctions could lead to further disruptions in Middle Eastern oil supplies. The price of Brent crude declined by 1.29% to reach $93.17, while West Texas Intermediate decreased by 1.38% to $85.86, after weekly gains exceeding 5% driven by stalled peace talks with Iran and reduced oil shipments through the Strait of Hormuz. Iran has allowed a number of Iraqi oil tankers to pass through the strait to ensure the continuation of oil exports, amid a decline in maritime traffic through the strait, with fewer than 20 ships crossing during the weekend. Meanwhile, the United States is expected to announce new sanctions today, adding to the uncertainty surrounding regional oil supplies.
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