Oil prices decline as investors take profit ahead of new US Iran sanctions

TEHRAN, Iran — Oil prices fell on Monday as investors locked in profits ahead of new US sanctions on Iran, with Brent crude futures dropping 1.29 percent to $93.17 a barrel and US West Texas Intermediate crude losing 1.38 percent to $85.86. The two benchmarks had risen more than 5 percent over the past week — posting consecutive weekly gains — after US-Iran peace talks stalled. The breakdown in negotiations also slowed oil shipments through the Strait of Hormuz, a corridor that carries roughly one-fifth of global energy supply. Iran has since allowed some Iraqi oil tankers to transit the strait following repeated Iraqi requests, according to the report. Less than 20 cargo ships crossed the waterway over the weekend, with 13 passing on Saturday and only four on Sunday. US Treasury Secretary Scott Bessent is expected to announce new sanctions on Iran later on Monday, while President Donald Trump has threatened to impose penalties on Tehran's trading partners, adding to market uncertainty. No further details on the scope or timing of the measures were immediately available.