Oil prices decline as US prepares new Iran sanctions

Brent crude slipped 1.90% to $92.60 a barrel, while WTI crude fell 1.96% to $85.35 per barrel on Monday. The decline came after both benchmarks rose more than 5% last week, marking their second consecutive weekly gains. Those gains followed a stalemate in US-Iran peace talks, which had contributed to a sharp reduction in oil shipments through the Strait of Hormuz, a waterway that previously carried about a fifth of the world's oil supply. Investors are now focused on Washington's planned sanctions. US Treasury Secretary Scott Bessent is scheduled to hold a press conference on the matter.