By Robert Harvey
LONDON, Aug 24 (Reuters) - Oil prices slipped more than $1 a barrel on Monday as investors took profits after recent gains and awaited details of expected new U.S. sanctions on Iran, which could further disrupt supplies from the Middle East.
Brent crude futures were down $1.01, or 1.1%, to $93.38 at 1316 GMT, while U.S. West Texas Intermediate crude was at $85.64 a barrel, down $1.42, or 1.6%.
Both contracts posted a second consecutive weekly gain last week, rising more than 5%, as peace negotiations between the U.S. and Iran stalled, constraining oil shipments through the Strait of Hormuz, a route that once carried a fifth of global supplies.
U.S. Treasury Secretary Scott Bessent, who is set to hold a press conference at 1 p.m. EDT (1700 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.
#barrel #supplies #robert
LONDON, Aug 24 (Reuters) - Oil prices slipped more than $1 a barrel on Monday as investors took profits after recent gains and awaited details of expected new U.S. sanctions on Iran, which could further disrupt supplies from the Middle East.
Brent crude futures were down $1.01, or 1.1%, to $93.38 at 1316 GMT, while U.S. West Texas Intermediate crude was at $85.64 a barrel, down $1.42, or 1.6%.
Both contracts posted a second consecutive weekly gain last week, rising more than 5%, as peace negotiations between the U.S. and Iran stalled, constraining oil shipments through the Strait of Hormuz, a route that once carried a fifth of global supplies.
U.S. Treasury Secretary Scott Bessent, who is set to hold a press conference at 1 p.m. EDT (1700 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.
#barrel #supplies #robert
7 hours ago
