Crude oil price: Crude oil futures fall ahead of expected US sanctions on Iran

Crude oil futures declined on Monday before the anticipated US sanctions on Iran, according to market data. At 10:03 am, Brent oil futures were trading at $91.30, a 1.48% decrease, while October crude oil futures on WTI were at $85.59, falling by 1.69%. September crude oil futures on the MCX were at ₹8205, a 1.84% reduction from the previous close of ₹8359, and October futures were at ₹8050, down by 1.60% from the prior close of ₹8181.

US Treasury Secretary Scott Bessent had previously stated that the US would impose the "toughest sanctions in history" on Iran, suggesting that this economic pressure could negate the need for major military actions against Iran. The US President had also announced plans to economically isolate Iran by imposing significant penalties on any country providing aid to the country.

Iran's National Security Council secretary, Mohsen Rezaei, warned of decisive action if any neighboring country joined the US's proposed economic warfare. Other commodities, such as September natural gas futures on the MCX and October dhaniya futures on the NCDEX, also experienced slight fluctuations on Monday.