- WTI fell about 1.3% to $85.93 per barrel and Brent declined 1.24% to $93.22 as investors awaited Washington’s sanctions announcement.
- Treasury Secretary Scott Bessent described the package as the largest financial offensive against an adversary, while Iran rejected the pressure and said it could preserve economic ties with other countries.
- Commonwealth Bank of Australia expects Brent to remain volatile in H2 2026, with a $70-$100 range depending on Iranian retaliation and the recovery of oil flows through the Strait of Hormuz.
- OilPrice reported WTI down 2.02% to $85.30 and Brent down 1.92% to $92.58 in early trading.
Quotes
“At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary”
“It is unclear whether U.S. policy to economically isolate Iran will prove effective. But if the US measures do work as intended, Iran's ability to respond via increased violence becomes a growing risk for energy markets to consider”