Archive · 24 Aug 2026
Oil Falls as US Prepares Tougher Sanctions, Iran Threatens Retaliation
Oil became slightly cheaper because investors were waiting for the United States to announce more sanctions on Iran.
US Treasury Secretary Scott Bessent said the penalties could be among the toughest ever imposed on Iran.
Iran warned that countries supporting the sanctions could face retaliation.
Iran’s parliament also backed a plan to charge some ships for services while they pass through the Strait of Hormuz.
The strait is an important route for ships carrying oil.
Donald Trump said the United States claims the strait as its territory.
Iran’s foreign minister rejected the idea of new sanctions and said the United States should negotiate respectfully.
Pakistan’s army chief is also expected to visit Tehran as tensions continue.
Oil prices fell about 1% ahead of an expected US announcement of additional sanctions on Iran.
Iranian lawmakers approved draft legislation that would charge transit fees to some vessels using the Strait of Hormuz.
Iranian security chief Mohsen Rezaei warned that countries joining US sanctions would be treated as hostile.
Donald Trump described the Strait of Hormuz as US territory in a speech and social media post.
Pakistan Army Chief Asim Munir is scheduled to visit Tehran with an official delegation.
- Who
- The United States, Iran, Donald Trump, Iranian officials, and Pakistan Army Chief Asim Munir are central to the report.
- What
- Washington is preparing additional sanctions on Iran while Tehran is considering Strait of Hormuz transit fees and warning of retaliation.
- When
- The live updates were published on August 24, 2026; Bessent’s announcement was expected at 2 p.m. EDT that day, and Munir was scheduled to travel to Tehran on Monday.
- Where
- The developments concern Iran, the United States, Pakistan, Tehran, and the Strait of Hormuz.
- Why
- The measures and warnings reflect escalating tensions between Iran, the United States, and their allies.
Iranian Position
US Position
Additional sanctions
Iranian Position
Iranian Foreign Minister Abbas Aragchi rejected further US sanctions, saying recycled threats showed Washington had run out of options and should negotiate respectfully.
US Position
US Treasury Secretary Scott Bessent said Washington would announce potentially sweeping penalties described as the toughest sanctions in history.
Response to countries joining sanctions
Iranian Position
Mohsen Rezaei warned that nations supporting the US sanctions campaign would be treated as hostile and that Iran could retaliate against their interests.
US Position
The United States is seeking to increase economic pressure on Iran through additional sanctions.
Strait of Hormuz
Iranian Position
An Iranian parliamentary committee backed legislation requiring some vessels transiting the strait to pay Tehran for services rendered along the route.
US Position
Donald Trump publicly described the Strait of Hormuz as American territory in remarks and a social media post.
- Brent crude
- $93.45 per barrel, down 94 cents, or 1%, by 2308 GMT.
- West Texas Intermediate
- $86.14 per barrel, down 92 cents, or 1.06%.
- Expected US announcement
- Treasury Secretary Scott Bessent was scheduled to hold a press conference at 2 p.m. EDT on Monday.
- Iranian legislation
- A parliamentary committee approved draft legislation that would charge transit fees to certain vessels using the Strait of Hormuz.
- Iranian warning
- Mohsen Rezaei said countries joining the US sanctions campaign would be regarded as hostile and could face retaliation against their interests.
- Pakistan delegation
- Army Chief Field Marshal Asim Munir was scheduled to travel to Tehran with an official delegation.