Brent and WTI retreat slightly after two weeks of gains, even as new sanctions and export threats loom over oil markets.
Oil prices edged lower in early Globex trading Monday, reversing some of last week’s momentum. Brent crude, which closed near $94 on Friday, and WTI at $87, both saw modest declines despite heightened geopolitical risks involving Iran.
The pullback follows a 5 to 6 percent gain over the past two weeks, driven by supply concerns and Middle East tensions. Markets remain on edge ahead of a 2pm EDT announcement from Treasury Secretary Scott Bessent, who has promised the toughest sanctions yet on Iran. Iran’s SNSC secretary Mohsen Rezaei also warned of a potential halt to all Gulf oil exports if economic pressure persists.
No single catalyst has been identified for the early-session decline, though traders may be taking profits after recent gains. The broader backdrop of sanctions threats and export disruptions continues to support crude’s longer-term outlook.