Oil prices fall as investors await 'toughest' U.S. sanctions on Iran

Drone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026. Mohammed Aty | ReutersOil prices fell Monday as investors awaited details of what Washington has billed as its toughest-ever sanctions campaign against Iran, while Tehran dismissed the threat of intensified economic pressure. West Texas Intermediate futures, the U.S. benchmark, declined about 1.3% to $85.93 per barrel. Brent crude, the international benchmark, lost 1.24% to $93.22 a barrel. U.S. Treasury Secretary Scott Bessent is set to unveil a new package of sanctions against Iran later Monday."At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary," Bessent said in a post on X.Bessent told CNBC last week that Washington intends to "collapse" the Islamic Republic with the "toughest sanctions in history," as the Trump administration pushes U.S. allies and other countries to cut economic ties with Tehran.The announcement follows President Donald Trump's threat last week to launch the "most crushing ec...