Oil prices moved lower on Aug. 24 as traders waited for U.S. Treasury Secretary Bessent to announce a new round of sanctions on Iran. West Texas Intermediate crude futures fell about 1.3% to $85.93 a barrel, while Brent crude dropped 1.24% to $93.22 a barrel. Bessent had previously said the United States would launch what he described as the largest financial offensive ever against Iran, while also pushing allies and other countries to cut economic ties with Tehran. Iran, for its part, said it can withstand sanctions and maintain its external economic relations. Commonwealth Bank of Australia said that if Washington’s effort to economically isolate Iran proves effective, the risk of a more aggressive Iranian response could rise, adding to volatility in energy markets.
International oil prices moved lower on Monday, Aug. 24, as markets waited for U.S. Treasury Secretary Bessent to announce a new round of sanctions targeting Iran.
WTI crude futures fell about 1.3% to $85.93 a barrel, while Brent crude declined 1.24% to $93.22 a barrel.
Bessent had previously said the United States would launch what he called the largest financial offensive ever against Iran, and would push allies and other countries to cut their economic ties with Tehran.
Iran said it has the capacity to respond to sanctions and maintain its foreign economic relations.
Commonwealth Bank of Australia said that if U.S. efforts to economically isolate Iran are effective, the risk of a more forceful Iranian response may rise, which could increase volatility in energy markets.
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