Oil prices fell 3% as the US shifted to Iran sanctions. Brent and WTI dropped as markets watched Iran oil exports and risks around the Strait of Hormuz.

Oil prices fell more than one dollar on Monday as investors took profits and awaited expected new U.S. sanctions on Iran.

Oil prices eased more than $1 a barrel on Monday as investors booked profits ahead of a US announcement on new sanctions against Iran, with markets weighing the possibility of…