(RTTNews) – Oil prices were sharply lower on Monday, after having risen over 5 percent to post their second consecutive weekly gain last week amid the impasse in talks for deal to end the U.S.-Iran war.
Brent crude futures tumbled 1.8 percent to $92.72 a barrel ahead of the announcement of fresh U.S. sanctions aimed at Iran.
WTI crude futures were down 2.5 percent at $84.86 after U.S. Vice President JD Vance said that between 7 million and 15 million barrels of oil were still passing through the Strait of Hormuz every day.
However, other media reports suggest that traffic through the key oil route remains well below normal levels.
The Trump administration’s plan to shift toward crushing economic measures against Iran has led to worries that the crisis could drag on.
U.S. Treasury Secretary Scott Bessent will hold a press conference later today, where he is likely to announce tougher sanctions to economically isolate Iran.
Iranian Foreign Minister Seyed Abbas Araghchi said the renewed threats of economic sanctions reflected desperation after what he described as the failure of previous measures.
He described the attempt as a recurring tactic, adding Washington has no choice but to engage with the Iranian people respectfully.
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