India, Aug. 24 -- Oil prices were sharply lower on Monday, after having risen over 5 percent to post their second consecutive weekly gain last week amid the impasse in talks for deal to end the U.S.-Iran war.
Brent crude futures tumbled 1.8 percent to $92.72 a barrel ahead of the announcement of fresh U.S. sanctions aimed at Iran.
WTI crude futures were down 2.5 percent at $84.86 after U.S. Vice President JD Vance said that between 7 million and 15 million barrels of oil were still passing through the Strait of Hormuz every day.
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