Crude oil and refined product futures prices were seeing solid declines to start the week Monday, as markets await details of the latest U.S. economic action against Iran.
U.S. crude and RBOB prices were down by more than 2% at 11 a.m. ET while diesel futures were falling by more than 4%.
The declines come after crude and diesel prices saw a six-day streak of gains.
Markets are awaiting a 1 p.m. ET press conference by Treasury Secretary Scott Bessent, who is expected to lay out the latest round of economic sanctions against Iran and detail U.S. efforts to increase pressure on that country's trading partners.
The measures are expected to further target Iranian oil exports and it's thought Iran will respond by trying to further restrict shipping through the Strait of Hormuz.
