International crude oil prices slipped more than $1 a barrel on Monday as investors took profits ahead of an expected announcement from Washington about imposing more sanctions on Iran that may further disrupt supplies from the Middle East.
Brent crude futures fell $1.22, or 1.29%, to $93.17, while U.S. West Texas Intermediate crude was at $85.86 a barrel, down $1.20, or 1.38%. Both contracts posted their second weekly gains last week, up more than 5%, as peace talks between the U.S. and Iran hit a stalemate, capping oil shipments through the Strait of Hormuz where a fifth of the world's supply used to transit.
U.S. Treasury Secretary Scott Bessent, set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday, has threatened to impose "the toughest sanctions in history" on Iran. President Donald Trump has also threatened to impose sanctions on Iran's trading partners. Iran has condemned U.S. plans to announce new sanctions even as President Masoud Pezeshkian called for a diplomatic solution.
Offers of Iranian crude to Chinese buyers have declined and prices have jumped as the U.S. blockade has cut Tehran's shipments, according to news agency Reuters. However, Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait following repeated requests from Baghdad, Iran's state news agency IRNA reported on Saturday.
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