Oil Prices Fall as Markets Await US-Iran Sanctions Plan

Oil prices dropped on Monday, August 24, as markets awaited the US Treasury press conference on a plan to economically isolate Iran. The declines came despite months of elevated prices driven by the ongoing US-Iran conflict, now in its sixth month.

Brent crude fell 1.85% to below $93 a barrel, while West Texas Intermediate slid 1.6% to $85.71 a barrel. Brent had averaged around $87 a barrel between January and June, well above the roughly $71 recorded over the same period in 2025.

The conflict has disrupted crude and refined product flows out of the Arabian Gulf, keeping markets volatile. Prices had spiked above $126 in late April, two months after the US and Israel launched their military campaign against Iran.