Oil Prices Tumble Amid Escalating Iran Sanctions

Oil prices declined on August 24 as the US prepared to announce new sanctions against Iran. The move is aimed at breaking the impasse between the two countries, but it's adding pressure to an already battered Iranian economy.

The price of Brent crude oil fell by 1.7% to $91.06 a barrel, while US benchmark crude dropped 2.2% to $85.18 per barrel.

The uncertainty surrounding when the war with Iran will allow oil tankers to freely exit the Persian Gulf has been causing market volatility, pushing up Treasury yields due to concerns over inflation.