Wednesday, August 25, 2026 - Oil prices slipped more than 2% on August 24 as traders took profits after recent gains and awaited new U.S. sanctions targeting Iran.
Brent crude settled at $92.17 a barrel, down $2.22, while U.S. West Texas Intermediate fell to $85.01. The decline came despite continued tensions around Iran and restrictions on oil shipments through the Strait of Hormuz.
The U.S. announced expanded secondary sanctions against entities and countries maintaining business ties with Iran, increasing pressure on Tehran’s economy and oil revenues.
However, investors appeared to see limited immediate impact, with analysts noting that the measures could have a smaller effect if major buyers, particularly China, continue purchasing Iranian crude.
Markets remain highly sensitive to any development that could disrupt supplies through the Strait of Hormuz, a crucial energy route that previously carried about one-fifth of global oil consumption.
With geopolitical tensions still elevated, traders are bracing for further price swings, meaning consumers, airlines and energy-dependent economies could face renewed uncertainty if the confrontation escalates.
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