Oil prices were sharply lower on Tuesday, extending losses from the previous session as traders assessed the potential impact of Washington's sweeping new sanctions campaign against Iran.
Brent crude futures fell 2.5 percent to $88.32 a barrel, after having fallen more than 2 percent on Monday to snap a six-day winning streak. WTI crude futures were down 2.8 percent at $82.66 a barrel.
Investors are preparing for the possibility of a prolonged escalation in tensions between Washington and Tehran after U.S. Treasury Secretary Scott Bessent announced a wave of new sanctions to isolate the Iranian regime and warned that countries and companies that help Iran move or hide money could face U.S. actions and potentially lose access to the U.S. dollar system.
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Market Analysis
August 21, 2026 14:42 ET The minutes of the latest policy meeting of the Federal Reserve, housing market data and manufacturing sector survey results were the main news for the U.S. economy this week. In Europe, inflation data from the U.K. was the highlight, while consumer price data from Japan drew attention in Asia.