Oil Prices Drop as U.S. Prepares Toughest Ever Sanctions Against Iran

TLDR

• Brent crude fell over 1% to around $93 a barrel after two weeks of gains
• Treasury Secretary Scott Bessent is set to unveil the strictest-ever U.S. sanctions on Iran Monday
• Iran allowed some Iraqi oil tankers to pass through the Strait of Hormuz after Baghdad’s requests
• Iran’s National Security Council warned no oil will pass through Hormuz if economic war continues
• Oil has rallied more than 50% in 2026 due to the ongoing U.S.-Iran war disrupting global supplies

Oil prices pulled back on Monday as markets digested mixed signals from the Strait of Hormuz and braced for a new round of U.S. sanctions against Iran.

Brent crude fell around 1.4% to $93.09 a barrel. West Texas Intermediate dropped 1.6% to $85.65. Both benchmarks had gained more than 5% over the previous two weeks.

The declines came after Iranian media reported that Tehran allowed some Iraqi oil tankers to transit Hormuz following requests from Baghdad. The move eased some immediate supply fears in the market.

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