Oil Falls to One-Week Low as Traders Shrug Off Bessent's Iran Sanctions Package

Brent crude fell 0.38% to $91.82/bbl and WTI fell 0.48% to $84.60/bbl, both hitting one-week lows, as traders judged the new sanctions package less threatening to oil supply than a fresh military escalation would have been. Saxo Bank's Ole Hansen said the shift from military to economic pressure 'reduced some of the oil market's anxiety,' noting Bessent's announcement was less forceful than feared since Treasury declined to name specific target countries or set a penalty date, instead offering a compliance grace period. Risks stayed elevated even as prices eased: UKMTO reported a tanker struck and disabled by an unidentified projectile off Oman late on Aug 24, and Houthi forces said they fired on a Saudi supertanker transiting the Red Sea.