WTI futures slid to $85.18 per barrel, while Brent crude dropped to $92.32. The pullback follows a period of heightened volatility driven by stagnant tanker traffic through the Strait of Hormuz and ongoing threats between Washington and Tehran. While the lack of confirmed attacks in the strait over the past 48 hours provided a brief window of calm, the underlying geopolitical friction remains intense.

CENTCOM reports that the U.S.-led blockade has already hindered 70 commercial vessels, while Iranian authorities have issued warnings to ships accused of violating transit protocols. The volatility is set to intensify at 2 p.m. Monday, when Secretary Bessent details new measures targeting entities that facilitate Iranian oil sales. Mohsen Rezaei, head of Iran's Supreme National Security Council, has countered that any nation participating in this economic campaign will be viewed as committing an act of war. Amid this brinkmanship, Pakistani Army Chief Field Marshal Asim Munir is slated to arrive in Tehran, seeking to mediate a path toward renewed negotiations as President Masoud Pezeshkian continues to advocate for the diplomatic framework established in June.