Oil prices slip ahead of fresh U.S. sanctions on Iran

August 24, 2026 (MLN): Oil prices edged lower on Monday as investors awaited details of a fresh U.S. sanctions package targeting Iran, which Washington has described as its most aggressive economic campaign yet against Tehran.

Currently, Brent crude futures is down, 0.19%, at $93.60 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.19, or 0.22%, to $86.64 per barrel by [09:40 am] PST.

U.S. Treasury Secretary Scott Bessent is expected to announce the new measures later in the day, following the Trump administration's push to intensify economic pressure on Iran and discourage other countries from maintaining commercial ties with Tehran.

Bessent indicated that Washington was preparing a major financial offensive against Iran, while President Donald Trump had earlier warned of severe penalties for countries accused of helping Tehran circumvent U.S. sanctions, according to CNBC.

Iran, however, rejected the escalating pressure, with the Islamic Revolutionary Guard Corps maintaining that the country has mechanisms to limit the impact of economic restrictions and sustain trade relations with other nations.

Meanwhile, the Commonwealth Bank of Australia expects oil markets to remain highly volatile during the second half of 2026 as uncertainty persists over the effectiveness of Washington's campaign and Iran's potential response.

The bank projected oil prices to trade between $70 and $100 per barrel during the remainder of the year.

It added that prices could move toward the lower end of this range if oil shipments through the Strait of Hormuz recover, noting that a restoration to around 50% to 60% of pre-war flows could revive concerns of a surplus in the global oil market.

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