Brent crude falls 2% to $92.5 as US eyes tighter Iran sanctions
Brent crude dropped to $92.5 a barrel as investors took profits and awaited new US measures targeting Iran.
Brent crude prices fell by 2% to $92.5 per barrel, as market participants took profits and anticipated new US measures against Iran. The decline occurred following two weeks of price gains, with investors eagerly awaiting details of an upcoming US announcement that would further isolate Iran economically. US Treasury Secretary Scott Besant is set to deliver a press conference at 2 p.m. Eastern Time (18:00 GMT), where he is expected to unveil the specifics of a new campaign aimed at tightening sanctions on Iran.
Besant highlighted that the US strategy would target entities involved in purchasing, transporting, and exchanging Iranian oil, as well as banks, shipping companies, and intermediaries that facilitate revenue transfers for Iran. Experts believe that these more stringent sanctions could heighten concerns about potential disruptions to oil supplies from the Middle East, which may subsequently affect global market prices.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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