Oil prices have fallen by more than $1 on global markets, APA-Economics reports.
Brent crude oil futures for October fell by $1.23, or 1.30%, to $93.16 per barrel.
WTI crude oil futures for October dropped by $1.34, or 1.54%, to $85.72 per barrel.
Analysts attribute the decline in oil prices to investors taking profits following last week's gains and increased caution in the market ahead of the release of details on new U.S. sanctions against Iran.
Oil prices rose last week amid concerns over supplies through the Strait of Hormuz.