- August 24, 2026
- Posted by: Tresmark
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Oil prices declined by more than $1 a barrel on Monday as investors booked profits ahead of an expected announcement by the United States on additional sanctions against Iran, raising concerns about potential disruptions to crude supplies from the Middle East.
Brent crude futures fell $1.23, or 1.3%, to $93.16 a barrel by 0329 GMT. U.S. West Texas Intermediate (WTI) crude declined $1.36, or 1.6%, to $85.70 a barrel.
U.S. Treasury Secretary Scott Bessent is expected to announce further sanctions on Iran, while Iranian President Masoud Pezeshkian has called for a diplomatic resolution to tensions.
Meanwhile, Iran has approved the transit of tankers carrying Iraqi oil through the Strait of Hormuz, according to Iranian state media IRNA.
The expected U.S. sanctions come as markets remain focused on the risk of further supply disruptions in the Middle East, particularly around the strategically important Strait of Hormuz.
