Oil prices retreat after two sessions of gains ahead of anticipated US sanctions on Iran, weighing on market sentiment.
West Texas Intermediate crude fell to $84.80 per barrel in Asian trading, reversing two days of gains as investors locked in profits. The decline comes ahead of an expected US announcement on stricter sanctions against Iran, a key oil producer.
Prices had climbed earlier on supply concerns and geopolitical tensions, but profit-taking emerged as traders awaited details of the new measures. The prior session saw WTI settle near $85.00, marking its highest close in over a week.
Market reaction remained cautious, with traders balancing potential supply disruptions against broader demand concerns.