Oil Prices Fall Ahead of U.S. Vow to Intensify Economic War Against Iran

Oil prices retreated on Monday ahead of an expected announcement of new measures by the United States aimed at further isolating Iran economically.

Treasury Secretary Scott Bessent announced new efforts aimed at separating Iran’s economy from the rest of the world, adding that the Treasury Department would unveil new Iran sanctions in the coming weeks. But he provided few details on what President Trump has called an “economic D-Day” for Iran.

When asked directly about possible sanctions on China, which has been the main buyer of Iranian crude in recent years, he said only that the best way to engage with countries was through “quiet diplomacy.”

Iran has warned it would strike the interests of neighboring states if they joined the U.S. efforts.

Article source: https://www.nytimes.com/2026/08/24/business/oil-prices-bonds-stocks.html