Oil prices fall ahead of Trump’s new Iran measures as Brent and WTI slide, while US gas prices rise and markets watch the Strait of Hormuz.

Updated on: Aug 24, 2026, 18:10:56 IST

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Oil prices fell on Monday as investors waited for the US to announce new measures aimed at putting more economic pressure on Iran. Brent crude, the global oil benchmark, fell 1.8% to about $93 a barrel. West Texas Intermediate (WTI), the US oil benchmark, dropped 2.3% to around $85 a barrel.

Even after Monday’s fall, Brent is still nearly 30% higher than it was before the war began, according to The New York Times. The main focus for markets is now on what new steps President Donald Trump’s administration will take against Iran.

US plans new economic pressure on Iran

US Treasury Secretary Scott Bessent is expected to announce details of the new measures on Monday afternoon in Washington. Bessent has described the move as an “economic D-Day” for Iran. In an opinion article in the Financial Times, Bessent said the six-month war with Iran was “entering the endgame.”

Bessent did not give specific details about the new measures. However, he criticised Iran’s “enablers” that purchase and transport its oil. This appears to point toward China, which has been the main buyer of Iranian crude in recent years. Iran has warned that it could attack the interests of neighboring countries if they join US efforts against Tehran.

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