Oil falls 2%, Brent slips below $90
Drilling rigs
Oil prices fell today, Aug. 25, to their lowest levels in a week, as shipping traffic in the Strait of Hormuz dropped and investors assessed the latest US sanctions on Iran.
US Treasury Secretary Scott Bessent announced the expansion of sanctions against Iran, aiming to cut Tehran’s financial ties around the world and prevent any circumvention of the sanctions.
Meanwhile, Iran vowed to retaliate against the sanctions and expressed confidence that its main trading partners would resist Washington's pressure campaign, Reuters reported.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, told Reuters that the shift from military conflict to economic pressure in the US-Iran trade war has eased concerns in the oil market.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (October delivery) |
89.55 |
(2.62) |
(2.85%) |
|
WTI (October delivery) |
82.43 |
(2.58) |
(3.00%) |
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