Oil benchmarks retreat after last week’s 5% rally amid profit-taking ahead of new U.S. sanctions on Iran.
WTI and Brent crude futures fell more than 2% in early Asian trading Monday, paring last week’s gains. WTI slipped to $85.18 per barrel, down 2.16%, while Brent declined to $92.32 per barrel, a 2.19% drop.
Both contracts surged over 5% last week as U.S.-Iran tensions escalated, Iranian crude exports declined, and tanker traffic through the Strait of Hormuz slowed. Traders now await specifics of a new U.S. sanctions package expected this week.
The pullback reflects profit-taking after recent geopolitical-driven gains, with markets assessing potential supply disruptions.