Global oil prices edged lower on Monday as investors awaited details of Washington’s expected announcement of additional sanctions against Iran.
Oil prices came under pressure as trading began in Asian markets on Monday, with both Brent crude and US crude falling by more than one percent.
According to Reuters, Brent crude dropped more than 1% to $93.45 per barrel.
US crude oil also declined by more than 1%, falling to $86.14 per barrel.
The decline came as investors awaited details of additional sanctions the United States is expected to impose on Iran.
US Treasury Secretary Scott Bessent has said an “economic D-Day” is coming for Iran, raising expectations of further economic measures against Tehran.
Bessent is expected to announce the new US sanctions against Iran at a press conference on Monday afternoon.
Investors are closely watching the announcement for details of the measures and their potential impact on Iranian oil exports and the wider global energy market.
