24 August, 2026 (News Desk): Global oil prices fell by more than one dollar a barrel ahead of an expected announcement of tougher US sanctions on Iran, as investors opted to take profits following gains recorded in the previous week. Brent crude fell by $1.22, or 1.29 percent, to $93.17 per barrel, while US West Texas Intermediate (WTI) crude declined by $1.20, or 1.38 percent, to $85.86 per barrel. Oil prices had risen for a second consecutive week last week, with both benchmarks gaining more than five percent amid growing concerns over global supply. The latest decline came as investors assessed the potential impact of additional US sanctions against Iran. US Treasury Secretary Scott Bessent has indicated that Washington could impose some of the toughest sanctions in history against Tehran, while US President Donald Trump has also threatened sanctions against countries trading with Iran. Concerns over oil supplies have increased amid a deadlock in negotiations between the United States and Iran and disruptions to oil shipments through the Strait of Hormuz. The Strait of Hormuz is a major global energy route through which around one-fifth of the world’s oil supply is transported. Restrictions on oil shipments through the waterway amid rising regional tensions have placed pressure on global energy markets. Commonwealth Bank of Australia commodities analyst Vivek Dhar said it remained unclear how successful the US policy of economically isolating Iran would be. However, he warned that if the measures proved effective, a stronger Iranian response could pose a significant risk to global energy markets. Iran has condemned the proposed US sanctions, while Iranian President Masoud Pezeshkian has called for a diplomatic solution to tensions with Washington.Meanwhile, Iran has allowed several Iraqi oil tankers to pass through the Strait of Hormuz following requests from Iraq, raising hopes of some improvement in the situation surrounding regional oil shipments.