Oil Drops 2.35%, Breaking Five-Day Rally Despite New Iran Sanctions

Brent crude fell $2.22 to $92.17 and WTI dropped $2.05 to $85.01 on August 23, 2026, ending a five-day rally despite fresh U.S. sanctions on Iran. The Treasury has now sanctioned over 100 vessels linked to Iranian crude since July 29. Each sanctions round has moved prices less — a sign markets have already priced in the geopolitical risk premium (the extra cushion buyers pay for supply-threat uncertainty).