Oil Prices Slide Ahead of US Sanctions Announcement on Iran

Oil prices slipped on Monday, August 24, after investors took profits ahead of an expected announcement from Washington to impose further sanctions on Iran.

Brent crude futures fell $0.94, or 1%, to $93.45 per barrel by 2308 GMT, while US West Texas Intermediate crude dropped $0.92, or 1.06%, to $86.14 a barrel.

The expected sanctions announcement is set to be made by US Treasury Secretary Scott Bessent at a press conference scheduled for 2 pm EDT (1800 GMT) on Monday.