WTI Oil flirts with the $85.00 level as markets await economic D-Day sanctions on Iran
Crude prices are trimming some of last week’s gains on Monday. The US benchmark West Texas Intermediate Oil is changing hands at $85.35, with investors awaiting details of a new package of US sanctions against Iran that might extend to Russia or China.
West Texas Intermediate (WTI) oil prices flirted with the $85 mark on Monday, as markets awaited details of a new round of US sanctions against Iran that could also target Russia or China. Treasury Secretary Scot Bessent affirmed the US plans for an "economic D-day" to isolate the Islamic Republic, which Tehran threatened with halting exports and considering collaboration with the US as an "act of war."
Analysts at Commerzbank expect limited oil price drops due to geopolitical risks and shrinking inventories, warning that further declines could push product prices higher. WTI oil, a high-quality crude sourced in the US, is a benchmark for the oil market. Supply and demand, geopolitical events, and the US dollar's value are key drivers of WTI oil prices.
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Also reported by 5 other outlets
- Oil falls ahead of US plan for economic war on Iran nst.com.my
- Iran faces 'economic D-Day', US Treasury Secretary warns bbc.co.uk
- Trump: Iran 'completely collapsing' as Treasury Sec. discusses 'economic D-Day' jpost.com
- US threatens Iran with 'economic D-Day' as markets await sanctions announcement euronews.com
- Oil trades lower even as Bessent promises ‘economic D-Day’ announcement on Iran marketwatch.com