{
  "id": 3156953,
  "title": "Oil drops more than $2 despite new US sanctions on Iran",
  "url": "https://urgent.news/2026/08/24/oil-drops-more-than-2-despite-new-us-sanctions-on-iran",
  "topic": "world",
  "section": "World",
  "published": "2026-08-24T22:56:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/oil-drops-more-than-2-despite-new-us-sanctions-on-iran/"
  },
  "original_language": "en",
  "account": "Oil prices declined by more than $2 per barrel on Monday as investors took profits from recent gains and focused on the new U.S. sanctions imposed on Iran. Brent crude futures fell $2.22, or 2.35%, to $92.17, while U.S. West Texas Intermediate crude dropped $2.05, down 2.35% to $85.01. Treasury Secretary Scott Bessent announced an expansion of secondary sanctions that can be imposed on entities and countries maintaining business ties with Iran. This move comes as the conflict with Iran enters its sixth month, following President Trump's threats of \"economic warfare and isolation\" against Tehran.\n\nExperts suggest that the profit-taking in the oil market is a result of the recent rally, and the new sanctions may not have a significant impact on Iranian oil revenues unless China further reduces its purchases. The Strait of Hormuz, a critical route for oil shipments, has seen fewer than 20 vessels transit at the weekend due to Iranian and U.S. blockades. Some analysts believe that a turning point could be Iran's decision to close the Strait with rockets and drones. Morgan Stanley has raised their Brent forecasts, projecting a peak of $100 per barrel in the fourth quarter. However, the International Energy Agency is not considering a second release of oil from its strategic reserves at this time.",
  "summary": "Oil prices slipped more than $2 a barrel on Monday as investors took profits after recent gains and shrugged off new U.S. sanctions on Iran.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "SBS News",
        "title": "'Economic asphyxiation': US unveils sweeping new sanctions campaign in attempt to isolate Iran",
        "url": "https://urgent.news/2026/08/24/economic-asphyxiation-us-unveils-sweeping-new-sanctions-campaign-in",
        "published": "2026-08-24T21:40:52.000Z"
      },
      {
        "outlet": "New Straits Times",
        "title": "Iran's response will decide effectiveness of Bessent's D-Day sanctions",
        "url": "https://urgent.news/2026/08/25/irans-response-will-decide-effectiveness-of-bessents-d-day-sanctions",
        "published": "2026-08-25T01:11:48.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}