Oil Falls 1% Ahead of US Announcement to Impose Further Sanctions on Iran
Oil falls 1% ahead of US announcement to impose further sanctions on IranSINGAPORE, Aug 24 -Oil prices slipped 1% on Monday as investors took profit ahead of an expected announcement from Washington to impose more sanctions on Iran.Brent crude futuresLCOc1fell 94 cents, or 1%, to $93.45 by 2308 GMT, while U.S. West Texas Intermediate crudeCLc1was at $86.14 a barrel, down 92 cents, or 1.06%.U.S. Treasury SecretaryScott Bessent, set to hold a press conference at 2 p.m. EDT on Monday, has threatened to impose "the toughest sanctions in history" on Iran.