According to CoinMeta, oil prices fell on Monday as investors awaited the announcement of the United States' harshest sanctions against Iran. West Texas Intermediate (WTI) crude oil futures dropped by about 1.3% to $85.93 per barrel, while Brent crude oil fell by 1.24% to $93.22 per barrel. U.S. Treasury Secretary Scott Bennett is expected to unveil a new sanctions package on Monday. He stated, "The economic D-day will begin at dawn—this is the greatest financial offensive against our enemy." Bennett told CNBC last week that Washington intends to use "the harshest sanctions in history" to "destroy" Iran. This announcement follows Trump's threats against Iran last week, stating that he would initiate "the most destructive economic actions against any country." Iran has responded to these threats, claiming it has ways to "counter the enemy's war" and that it can "easily establish economic relations with other countries." The Australian Federal Reserve expects oil prices to remain volatile in the second half of the year, as the market will weigh whether Washington will be able to successfully isolate Iran economically and what Iran's possible reactions might be.