Oil prices slip over $1 as US weighs ‘D-Day’ Iran sanctions

Oil prices eased more than $1 a barrel on Monday as investors booked profits ahead of a US announcement on new sanctions against Iran, with markets weighing the possibility of further disruption to Middle Eastern supplies.Brent crude declined 1.90% to $92.60 a barrel while WTI crude fell 1.96% to $85.35 per barrel, as of 7:30 am IST.The decline came after both benchmarks gained more than 5% last week, marking their second consecutive weekly rises. The gains followed a stalemate in US-Iran peace talks, which had contributed to a sharp reduction in oil shipments through the Strait of Hormuz. The waterway had previously carried a fifth of the world's oil supply.The latest focus is on Washington's planned sanctions. US treasury decretary Scott Bessent is scheduled to hold a press conference at 2 pm EDT (1800 GMT) on Monday and has warned of "the toughest sanctions in history" against Iran.