Oil Drops 2% to Near $92 as US Unveils Sweeping—but Phased—Iran Sanctions

Brent crude fell about 2% to near $92 a barrel on August 25, 2026, after the US launched "Operation Economic Outcast" against Iran. Treasury Secretary Scott Bessent called it "the single greatest financial offensive ever marshalled against an adversary." Yet the US held back its heaviest penalties. Markets got tough talk, phased execution.