Oil drops as US warns of harsher Iran sanctions
Oil prices fell by more than 1% due to expectations that the United States will impose stricter sanctions on Iran, which could increase disruptions in oil supplies in the Middle East. Brent contracts dropped to $93.17 per barrel, and West Texas crude to $85.86, after recording weekly gains of over 5% last week amid halted US-Iran talks and restricted shipping through the Strait of Hormuz, which accounts for one-fifth of global supplies. American officials are threatening to impose harsher sanctions on Iran, with an announcement from the US Treasury Department expected on this matter.
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