Oil drops more than $2 despite new US sanctions on Iran

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Oil prices fell by more than $2 even after the United States announced fresh sanctions on Iran. The move shows market players are weighing other supply factors.

US Treasury action and Iran's response

U.S. Treasury Secretary Scott Bessent announced the new sanctions. Iran's president called for a response, though details of that call were not immediately available.

What analysts expect

Morgan Stanley also issued an outlook on the market. The exact expectation was not detailed in the report.

For Nigeria, lower oil prices put pressure on government revenues and the naira. Traders will keep watching global supply moves and OPEC decisions.

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