Oil falls over $1 as market awaits new US sanctions on Iran

Published Aug 23, 11:41 PM UTC

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Oil prices dropped more than US$1 a barrel on Monday as investors took profits ahead of an expected announcement of new US sanctions against Iran. Brent crude futures fell US$1.23, or 1.3%, to US$93.16 by 0329 GMT. Iran has condemned the US plans. The decline reflects market anticipation of tighter supply constraints due to the sanctions, though profit-taking after recent gains also contributed to the drop. The article, published by The Business Times on August 24, 2026, highlights the ongoing geopolitical tensions between the US and Iran and their impact on global oil markets.

Source

The Business TimesWestern

Original headline: Oil falls as US prepares to unveil new Iran sanctions

Original language: EN-US

Part of this Story

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People and interests

Iran