WTI slips below $85.00 as traders take profits before new US sanctions on Iran
West Texas Intermediate (WTI) oil price depreciates after two days of gains, trading around $84.80 per barrel during the Asian hours on Monday. Crude oil prices decline as investors took profits ahead of an expected US announcement regarding stricter sanctions against Iran.
WTI oil prices fell below $85.00 per barrel, as traders took profits before new US sanctions against Iran took effect. The oil price dropped to $84.80 per barrel during the Asian trading hours on Monday. The move comes as the US Treasury Secretary announced the toughest sanctions in history, aiming to compel Iran and its trade partners into compliance.
This policy shift is expected to further strain global energy markets and disrupt Iranian oil shipments. Iran dismissed the sanctions as ineffective attempts to exert economic pressure. Geopolitical tensions around the Strait of Hormuz remain high, with vessel traffic through the crucial oil transit route falling significantly below average levels.
Commodity strategists at Commerzbank stress that developments surrounding the Strait of Hormuz continue to dominate near-term market sentiment. Technical analysis suggests that WTI oil holds above key support levels, indicating a bullish bias for the near future.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 4 other outlets
- Oil prices slide as markets await Trump’s ‘most crushing’ Iran sanctions plan iol.co.za
- Oil prices pull back after rally as markets brace for tougher Iran sanctions thevibes.com
- European equities trade sideways as markets await Iran sanctions investing.com
- US treasury secretary announces toughest-ever sanctions on Iran english.ajel.sa
