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Oil prices slip over $1 as US weighs ‘D-Day’ Iran sanctions; Strait of Hormuz shipping risks in focus

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August 24, 2026
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In the lead-up to impending US sanctions on Iran, oil prices fell as investors capitalized on recent gains. As Washington prepares to unveil its most stringent measures Monday, the potential for disruptions in Middle Eastern oil supply looms large. Iran’s rejection of these sanctions, coupled with its threat to cut oil exports from the Gulf, adds a layer of uncertainty to global energy markets that stakeholders are closely monitoring.

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