Oil prices retreated and Asian equity markets moved sideways as investors awaited details of new US sanctions against Iran promised by Treasury Secretary Scott Bessent, with a press conference scheduled for August 24. When the « toughest sanctions in history » were announced, Brent crude had surged 2.4% to $93.78 per barrel and WTI 2.7% to approximately $86.64. The sanctions are expected to target Iran’s oil export networks as well as intermediaries facilitating Chinese purchases of Iranian oil, with China accounting for over 80% of Iran’s oil exports. The Strait of Hormuz, through which roughly a fifth of global daily oil consumption transits, remains a major concern for energy markets.
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