Oil Shrugs Off Trump’s ‘Toughest Sanctions in History’
Oil holds near $90 despite sweeping Iran sanctions as uncertainty over Hormuz transits keeps markets on edge. Friday, August 28, 2026 The US announcement of ‘toughest sanctions in history’ against Iran did relatively little to push oil prices away from their comfort zone around $90 per barrel (for ICE Brent), with Qatari and Pakistani mediation so far failing to bring the warring sides closer.…
Oil remains close to $90 per barrel despite Washington's imposition of what President Trump called the "toughest sanctions in history" on Iran. The harsh measures have not significantly moved the market from the $90 comfort zone for ICE Brent crude. Instead, the fate of prices hinges on the ongoing uncertainty surrounding shipping through the strategically vital Hormuz Strait.
Tensions between Iran and its regional allies have kept the strait closed, with both sides unwilling to compromise. However, recent diplomatic efforts by Qatar and Pakistan have not yielded any breakthroughs. The stalemate in Hormuz is expected to be the key factor driving oil prices in the coming days.
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