Crude oil price: Crude oil futures fall ahead of expected US sanctions on Iran

US Treasury Secretary Scott Bessent had said that the US would impose the ‘toughest sanctions in history’ on Iran.
| Photo Credit:
Vaishali R Venkat 9616

Crude oil futures traded lower on Monday morning ahead of an expected US announcement on economic sanctions against Iran.

At 10.03 am on Monday, November Brent oil futures were at $91.30, down by 1.48 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $85.59, down by 1.69 per cent. September crude oil futures were trading at ₹8205 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹8359, down by 1.84 per cent, and October futures were trading at ₹8050 against the previous close of ₹8181, down by 1.60 per cent.

In an interview to CNBC last week, US Treasury Secretary Scott Bessent had said that the US would impose the ‘toughest sanctions in history’ on Iran. If the US is doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart, he had said. Referring to US plans to crush Iran’s economy, he said it will likely negate the need for major US military operations against Iran.

Earlier last week US President Donald Trump had said that the US plans to choke Iran’s economy by levying major penalties against any country that provides ‘any type of lifeline’ to Iran. A Truth Social post by him said: “This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat.”

Meanwhile, Iran’s National Security Council secretary Mohsen Rezaei warned that Iran would take decisive action if any neighbouring country joined the US-proposed economic warfare.

September natural gas futures were trading at ₹267.20 on MCX during the initial hour of trading on Monday against the previous close of ₹269.70, down by 0.93 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), September guargum contracts were trading at ₹12090 in the initial hour of trading on Monday against the previous close of ₹11952, up by 1.15 per cent.

October dhaniya futures were trading at ₹16308 on NCDEX in the initial hour of trading on Monday against the previous close of ₹16212, up by 0.59 per cent.

Published on August 24, 2026