Forex
US Sanctions Send Oil Prices Tumbling Amid Iran Uncertainty
Oil prices declined on August 24 as the U.S. prepared to announce new sanctions against Iran, adding pressure to an already battered economy. The price of Brent crude fell by 1.7% to $91.06 per barrel.
The uncertainty surrounding the war with Iran and when oil tankers can freely exit the Persian Gulf has caused market volatility, pushing up Treasury yields due to inflation worries.
Iran's rial currency dropped to a record low of 2.02 million to the U.S. dollar on informal markets, while the official Central Bank rate stood at around 1.5 million rial to the dollar.