Oil Prices Fall Ahead of U.S. Vow to Intensify Economic War Against Iran
New York Times · LC · trust 50/100
Listen · 4:51 min Share full article Oil prices retreated on Monday ahead of an expected announcement of new measures by the United States aimed at further isolating Iran economically.
Treasury Secretary Scott Bessent said he will detail what President Trump has called an “ economic D-Day ” for Iran on Monday afternoon in Washington. In an opinion essay in the Financial Times , Mr. Bessent said the six-month war with Iran was “entering the endgame.”
Without specifying what measures might be taken, Mr. Bessent took aim at Iran’s “enablers purchase and transport its petroleum,” seemingly pointing the finger at China, which has been the main buyer of Iranian crude in recent years. Iran has warned it would strike the interests of neighboring states if they joined the U.S. efforts.
The price of Brent crude, the global benchmark for oil, fell 1.8 percent to about $93 a barrel. The cost of crude has risen nearly 30 percent since the start of the war.
West Texas Intermediate crude, the U.S. benchmark, slipped 2.3 percent to around $85 a barrel.
Notes: Data shows future contract prices for Brent crude oil. Gaps indicate nontrading hours. Data is delayed at least 15 minutes.
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