Brent crude oil prices fell by more than one percent ahead of the announcement of a new US sanctions package against the Islamic Republic of Iran. Futures contracts dropped by $1.22, settling at $93.17 per barrel.
US Treasury Secretary Scott Bessent announced the launch of what he called an "economic D-Day" against Iran, with details of the new sanctions expected to be released soon. Part of the price drop was attributed to profit-taking by traders following recent price gains.
Washington has warned that countries maintaining trade relations with Tehran could face economic consequences. Concerns over reduced Iranian oil supply had been a key driver of price increases in recent days.
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