Oil Price Drops as Market Awaits U.S. "Maximum Pressure" on Iran

BlockBeats News, August 24th, as the market awaited the announcement of a new round of sanctions against Iran by U.S. Treasury Secretary Yellen, international oil prices fell on Monday. WTI crude oil futures fell by about 1.3% to $85.93 per barrel, while Brent crude fell by 1.24% to $93.22 per barrel.

Yellen previously stated that the U.S. would launch the "largest financial offensive in history" against Iran, urging allies and other countries to sever their economic ties with Iran. Iran, on the other hand, has stated its ability to withstand sanctions and maintain its foreign economic relations. The Commonwealth Bank of Australia predicts that if the U.S. move to isolate Iran economically proves successful, the risk of Iran taking more aggressive action may increase, further intensifying market volatility.