24 Hrs
Source:
المشهد العربي
Oil drops amid US Iran sanctions
Oil prices experienced a continuous decline during the trading session, with West Texas Intermediate (WTI) approaching its lowest level in four sessions. Brent crude fell by 1.88% to reach $92.62 per barrel, amid profit-taking and market preparations for new U.S. sanctions against Iran, as well as anticipation of a press conference by the U.S. Secretary of the Treasury. Additionally, maritime shipping activity through the Strait of Hormuz decreased, with fewer than 20 ships passing through on Saturday and Sunday. These developments come amid expectations that the Biden administration will implement historic sanctions on Iran, which has impacted oil prices and trade movement in the region.
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