By Nicole Jao
NEW YORK, Aug 24 (Reuters) - Oil prices slipped more than $2 a barrel on Monday as investors took profits after recent gains and shrugged off new U.S. sanctions on Iran.
Brent crude futures settled down $2.22, or 2.35%, to $92.17, while U.S. West Texas Intermediate crude fell $2.05 a barrel, down 2.35% at $85.01.
Treasury Secretary Scott Bessent on Monday announced an expansion of secondary sanctions it can impose on entities and countries that maintain business ties with Iran around the world as Washington significantly ratchets up economic pressure on Tehran with the war nearing its 6-month mark. This followed Trump's threats of "economic warfare and isolation on an unprecedented scale" against Tehran last week.
"There is not much new that came out of Bessent's commentary, beyond what was telegraphed in advance," said Raymond James Investment Strategy ****** yst Pavel Molchanov. The oil market having rallied quite a bit last week, saw profit taking today, he added.
#economic #last
NEW YORK, Aug 24 (Reuters) - Oil prices slipped more than $2 a barrel on Monday as investors took profits after recent gains and shrugged off new U.S. sanctions on Iran.
Brent crude futures settled down $2.22, or 2.35%, to $92.17, while U.S. West Texas Intermediate crude fell $2.05 a barrel, down 2.35% at $85.01.
Treasury Secretary Scott Bessent on Monday announced an expansion of secondary sanctions it can impose on entities and countries that maintain business ties with Iran around the world as Washington significantly ratchets up economic pressure on Tehran with the war nearing its 6-month mark. This followed Trump's threats of "economic warfare and isolation on an unprecedented scale" against Tehran last week.
"There is not much new that came out of Bessent's commentary, beyond what was telegraphed in advance," said Raymond James Investment Strategy ****** yst Pavel Molchanov. The oil market having rallied quite a bit last week, saw profit taking today, he added.
#economic #last
2 days ago
