Crude oil slipped to around $86 per barrel after a sharp weekly rally, as investors took profits ahead of an expected US announcement on tougher sanctions against Iran. US Treasury Secretary Scott Bessent said Washington would impose the “toughest” sanctions in history, describing the measures as an unprecedented campaign of economic isolation designed to pressure Iran and its trading partners into compliance. The move could further tighten global oil supplies, as Iranian shipments have already been severely disrupted and offers to Chinese buyers have declined amid the US blockade. Tehran dismissed the sanctions threat as another failed attempt to pressure Iran, saying it has experience with economic blockades and can withstand the measures while maintaining trade and economic ties with other countries. Meanwhile, tensions around the Strait of Hormuz remain elevated, with traffic through the key oil route still well below normal levels.

Source: Trading Econimics 

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