Oil prices declined on Monday as the market anticipated the US sanctions package against Iran, which Treasury officials described as the most sweeping in history. WTI futures fell roughly 1.6% to around $85.65 per barrel, while Brent crude dropped about 1.4% to approximately $93.09. China, Iran’s largest crude customer, now faces direct pressure from Washington to cease purchases, with a naval blockade of Iranian ports already operational. Approximately 20% of global oil passes daily through the Strait of Hormuz, adding to market concerns.
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