Oil slips ahead of US announcement

Oil prices fell by more than $2 a barrel on Monday, with investors locking in gains after a recent rally and watching for the specifics of prospective American measures against Iran. According to The Express Tribune, such measures could add further strain to global supplies. Brent crude futures slipped $1.71, or 1.81%, to $92.69 by 1648 GMT, while US WTI crude fell $1.72, or 1.98%, to $85.34 a barrel.

Treasury Secretary Scott Bessent described the approach as an "economic onslaught" aimed at Iran's financial networks worldwide. The Treasury Department has sanctioned 60 individuals, entities and vessels under its latest round of measures, according to the report. The list, however, left out any Chinese financial institutions suspected of helping Iran's oil trade.