Oil Falls 2.35% Despite New Iran Sanctions, Snapping Five-Day Rally

Brent crude settled down $2.22 (2.35%) to $92.17 and WTI fell $2.05 (2.35%) to $85.01 on August 23, 2026, breaking a five-session rally despite fresh U.S. sanctions on Iran. The Treasury has now sanctioned over 100 vessels tied to Iranian crude transport since July 29. Each successive sanctions round has moved prices less, suggesting markets have already absorbed the geopolitical risk premium.