Hot Commodiites: Oil drops by 2% as Iran sanctions loom

Crude oil futures fell more than 2% below $85 per barrel on Monday as investors booked profits after both benchmarks gained over 5% last week. Markets are now focused on Washington?s planned sanctions against Iran, with concerns that tougher measures could further disrupt Middle Eastern supply flows through the Strait of Hormuz. US Treasury Secretary Scott Bessent is expected to outline the measures, while President Donald Trump has also threatened action against countries trading with Tehran. Meanwhile, the dollar index held near 98.7 as investors awaited July PCE inflation data and Fed Chair Kevin Warsh?s Jackson Hole speech. MCX September crude futures fell nearly 2.5%, touching Rs 8,158 per barrel.

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