US-Iran war, Aug. 24 -- Oil prices fell more than 1% on Monday as investors booked profits ahead of an anticipated announcement from Washington on additional sanctions against Iran, which could further disrupt crude supplies from the Middle East.

Brent crude futures declined $1.22, or 1.29%, to $93.17 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude dropped $1.20, or 1.38%, to $85.86 per barrel.

Both benchmarks had recorded their second consecutive weekly gains last week, rising over 5%, after peace talks between the US and Iran reached a deadlock. The impasse has limited oil shipments through the Strait of Hormuz, a key route that previously carried around one-fifth of the world's oil supply.

US Treasury Secretary Scott Bes...