Oil Prices Drop Ahead of New US Sanctions on Iran
The decline came ahead of an Aug. 24 press conference by U.S. Treasury Secretary Scott Bessent.
TL;DR
- Oil prices decreased by over $1 on August 24.
- Brent crude futures fell to $93.16 per barrel.
- U.S. West Texas Intermediate crude fell to $85.7 per barrel.
- The decline precedes an announcement of new U.S. sanctions against Iran.
- U.S. Treasury Secretary Scott Bessent is expected to announce the sanctions.
- The sanctions are intended to economically isolate Iran.
- Countries trading with Iran face potential U.S. government action.