Brent crude futures fell $1.22, or 1.29%, to $93.17 by 0035 GMT, while U.S. West Texas Intermediate crude was at $85.86 a barrel, down $1.20, or 1.38%. Both contracts posted their second weekly gains last week, up more than 5%, as peace talks between the U.

S. and Iran hit a stalemate, capping oil shipments through the Strait of Hormuz where a fifth of the world's supply used to transit. U.S. Treasury Secretary Scott Bessent, set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday, has threatened to impose "the toughest sanctions in history" on Iran.

President Donald Trump has also threatened to impose sanctions on Iran's trading partners. "It is unclear whether U.S. policy to economically isolate Iran will prove effective," Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia, wrote in a note.

"But if the U.S. measures do work as intended, Iran's ability to respond via increased violence becomes a growing risk for energy markets to consider." Iran has condemned U.S. plans to announce new sanctions even as President Masoud Pezeshkian called for a diplomatic solution.

"The more pragmatic members of the Iranian leadership would prefer to de-escalate but the hardliners would probably prefer to fight to the bitter end," IG markets analyst Tony Sycamore said. "I think by the end of this week we will have a good idea which side of the Iranian leadership has the upper hand.

" Offers of Iranian crude to Chinese buyers have declined and prices have jumped as the U.S. blockade has cut Tehran's shipments, according to trade sources. However, Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait following repeated requests from Baghdad, Iran's state news agency IRNA reported on Saturday.

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Analyst Ross Harrison on Trump's economic pressure campaign against Iran Middle East Institute fellow Ross Harrison discusses US sanctions threats, the Strait of Hormuz and divisions within Iran's leadership. More stories from Al Jazeera Join the flipboard community Discover, collect, and share stories for all your interestsSign up More stories from Iran US, Iran keep up hostile rhetoric ahead of new sanctions The new US economic sanctions could impact Iran and its most important trading partners, including China.

With Midterms Approaching, Trump Implores Republicans: Pretend I’m on the Ballot! President Trump was in South Carolina to stump for Darline Graham, sister of Lindsey. But his own political future was on his mind, too. Does Donald J. Trump still have the juice?

This was one of many open questions in the air Friday night inside the convention center in Myrtle Beach, S.C., where the … See How China Weathered the Iran Oil Shock A sharp decrease in China’s oil imports has been pivotal to keeping oil prices down since the start of the war in Iran.

That, in turn, has helped curb inflation and support the global economy.

Iranian President Masoud Pezeshkian has called for ending the current conflict with the United States, arguing that Iran currently holds strategic leverage and global recognition, according to a report by the semi-official Iranian Students’ News Agency.

This statement aligns with positions previously held by Foreign Minister Abbas Araghchi and other officials advocating for diplomacy following the collapse of a prior ceasefire, while U.S. Treasury Secretary Scott Bessent is reported to be preparing new economic sanctions.

An Arabic-language headline posits that Iran may be preparing for a potential escalation, although this remains an unverified assertion. The reference to ongoing diplomatic efforts suggests a context of continued regional engagement, but specific preparations for conflict have not been independently confirmed.