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Oil prices pulled back on Monday as traders locked in profits following two weeks of strong gains, while markets remained focused on looming U.S. sanctions against Iran and the risk of further supply disruptions in the Middle East.
Brent crude futures traded around $93.51 a barrel in early dealings after gaining more than 5% over the previous two weeks. West Texas Intermediate (WTI) crude futures fell about 1.1% to $86.08 a barrel, reflecting some profit-taking after the recent rally.
Despite the decline, geopolitical risks continue to support elevated oil prices. The United States is expected to announce what officials have described as its toughest sanctions yet against Iran on Monday. Treasury Secretary Scott Bessent said an “economic D-Day” was approaching for Tehran as Washington increases financial pressure amid the continuing regional conflict.
Bessent is scheduled to reveal details of the new Iran sanctions at a press conference at 2 p.m. ET on Monday. President Donald Trump and other U.S. officials have also warned that Washington intends to intensify economic pressure on Iran.
Tensions remain particularly high around the Strait of Hormuz, one of the world’s most important oil shipping routes. Mohsen Rezaee, Secretary of Iran’s National Security Council, warned that no oil would be exported through Hormuz or elsewhere in the Persian Gulf if the economic confrontation continued.
Oil flows through the strait slowed further last week as the U.S.-Iran standoff showed little sign of easing. Before the conflict, roughly 20% of global oil supplies moved through Hormuz, making any prolonged disruption a significant risk for international energy markets.
Traders are also watching for signs that the conflict could spread beyond the Persian Gulf. Risks in the Red Sea have increased after Yemen’s Iran-backed Houthi group announced a naval blockade targeting Saudi Arabia.
While Monday’s decline suggests traders are taking profits after the recent surge, uncertainty surrounding Iran sanctions, the Strait of Hormuz and Middle East oil supplies could keep crude prices volatile in the coming sessions.
