Oil slips ahead of US announcement

NEW YORK:

Oil prices fell more than $2 a barrel on Monday as investors took profits after recent gains and awaited details of expected new US sanctions on Iran, which could further disrupt supplies.

Brent crude futures were down $1.71, or 1.81%, to $92.69 at 1648 GMT, while US WTI crude was at $85.34 a barrel, down $1.72, or 1.98%. Treasury Secretary Scott Bessent said the US was launching an "economic onslaught" against Iran's financial connections around the globe.

The Treasury Department announced new sanctions on 60 individuals, entities and vessels but that list did not include any of the Chinese financial institutions suspected of facilitating Iran's oil trade.