Commodities

WTI Oil Prices Flat as Markets Await Iran Sanctions Details

Guavy AI Editorial Team Published August 24, 2026

Instruments

Oil

Crude oil prices are experiencing a slight pullback on Monday after last week's gains. The US benchmark West Texas Intermediate (WTI) Oil is currently trading at $85.35, with investors waiting for details on a new package of US sanctions against Iran that may also affect Russia or China.

US Treasury Secretary Scot Bessent has announced plans for an 'economic D-day' aimed at isolating the Islamic Republic. In response, Tehran has stated that countries like China and Turkey will not cut ties with Iran, and warned that collaborating with the US would be considered an 'act of war', potentially leading to attacks on US allies in the Gulf region and Europe.

Analysts at Commerzbank believe that oil prices may remain limited due to geopolitical risks, despite shrinking inventories. They note that diesel stocks are particularly tight, which could lead to further price increases if stocks continue to decline ahead of the heating season.

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