Oil prices fell about 2.5% Monday despite the Trump administration launching what it described as its toughest-ever sanctions campaign against Iran.

West Texas Intermediate dropped to about $84.89 per barrel, while Brent crude fell to roughly $92.06.

The U.S. sanctions plan, known as “Operation Economic Outcast,” aims to pressure Iran economically and could also target countries such as China that continue doing business with Tehran.

Oil prices had risen sharply the previous week following threats of the sanctions, leading some investors to take profits as the new measures were announced, CNBC has reported.

Analysts expect oil markets to remain volatile, with Brent potentially trading between $70 and $100 per barrel depending on the effectiveness of the sanctions and future oil flows through the Strait of Hormuz.