Oil prices fall as Trump targets Iran: What it means for gas prices, Brent crude, WTI and global markets

Oil prices dropped on Monday as investors anticipated new US measures to pressure Iran economically. Brent crude, the global oil benchmark, fell by 1.8% to around $93 a barrel, while West Texas Intermediate (WTI), the US oil benchmark, declined by 2.3% to approximately $85 a barrel. Despite this decrease, Brent is still about 30% higher than before the war began, according to The New York Times.

The main focus now is on the potential new steps President Donald Trump’s administration may take against Iran. US Treasury Secretary Scott Bessent is set to announce details of the new measures on Monday afternoon in Washington. Bessent described the move as an "economic D-Day" for Iran, stating that the six-month war with Iran is "entering the endgame."

Bessent criticized Iran's "enablers" who purchase and transport its oil, hinting at countries like China, which has been the main buyer of Iranian crude recently. Iran has threatened to attack neighboring countries if they join the US efforts against Tehran. Durva More, a Senior Content Producer at Hindustan Times, covers finance and global news.

She has experience in digital and television journalism, focusing on breaking news, business reporting, and international affairs.