Brent crude oil price falls by more than 1% ahead of the announcement of a new set of U.S. sanctions against the Islamic Republic.

Reuters reported that Brent futures fell by $1.22 to $93.17 per barrel, and part of this decline was due to traders taking profits after oil prices had risen in recent days.

The price drop occurred as Scott Bessent, the U.S. Treasury secretary, announced the start of what he called the “economic D-day” against the Islamic Republic, and said he is expected to soon reveal details of the new sanctions. Washington has warned that countries that continue trading ties with Tehran may also face economic consequences. Concern about a tightening of Iran’s oil supply in recent days was one of the factors behind the rise in oil prices.