By Victor Reklaitis and Isabel Wang
What matters more for oil prices is how hard U.S. sanctions hit China, Iran's biggest oil buyer, and whether Beijing pushes back
Global oil prices were pulling back on Monday but still holding above the $90-a-barrel mark as traders awaited details about new U.S. sanctions on Iran, with Treasury Secretary Scott Bessent due to speak about the issue at a news conference at 1 p.m. Eastern time.
The most-active West Texas Intermediate crude (CL00) (CLV26) contract for October delivery was down 2.3% on Monday to trade at around $85.07 per barrel, while October Brent crude (BRN00) (BRNV26) , the global benchmark, slipped nearly 2% to around $90.45 per barrel.
As the conflict between the U.S. and Iran nears the six-month mark, Bessent said in an op-ed in the Financial Times that "an economic D-Day is coming for Iran." He blasted "Iran's enablers" that "purchase and transport its petroleum," saying these nations "now exceed the limits of America's tolerance."
