Crude Oil Price Today August 24, 2026: Brent Falls $1.22 to $93.17 Per Barrel as Investors Take Profits Ahead of US Iran Sanctions Announcement

Crude oil today: Brent $93.17/bbl (down $1.22, 1.29%). WTI $85.86/bbl (down $1.20, 1.38%). Profit-taking ahead of new US Iran sanctions. Both up 5%+ last week. Strait of Hormuz risk.

Updated: 24 Aug 2026 • 10:04 am

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Crude Oil Price Today August 24, 2026: Brent Falls $1.22 to $93.17 Per Barrel as Investors Take Profits Ahead of US Iran Sanctions Announcement

Quick Answer

Crude oil prices fell on August 24, 2026, with Brent crude futures down $1.22 or 1.29% to $93.17 per barrel and US WTI crude at $85.86, down $1.20 or 1.38%. The decline came as investors took profits ahead of an expected US announcement about imposing more sanctions on Iran that may further disrupt Middle East oil supplies. Both contracts had posted their second consecutive weekly gains last week, rising more than 5%, as peace talks between the US and Iran hit a stalemate and capped oil shipments through the Strait of Hormuz.

Table of Contents

Crude Oil Price Today: Key Data Points

Contract	Price ($/bbl)	Change	Change %
Brent Crude Futures	93.17	Down $1.22	Down 1.29%
US WTI Crude Futures	85.86	Down $1.20	Down 1.38%
Last Week Performance (both)	Up 5%+	Second weekly gain	Supply disruption

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Why Is Oil Falling Despite Iran Supply Risk?

The decline in oil prices today is a classic profit-taking response to a widely anticipated news event. The US-Iran stalemate and Strait of Hormuz supply disruption were already priced into last week's 5%+ oil price surge. When markets expect a specific catalyst (today's anticipated Iran sanctions announcement), they often price it in advance and then sell the actual event. The structural supply disruption from the US-Iran conflict remains in place, and once profit-taking passes and the actual impact of new sanctions on Iranian oil exports is assessed, oil prices may resume rising if the sanctions prove materially tighter than existing restrictions.

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Impact on India: Lower Oil Is Positive but Context Matters

For India, today's 1.29% decline in Brent crude is a mild positive. At $93.17, Brent remains above the level at which India's current account is comfortably manageable. However, any sustained decline from recent highs would reduce India's monthly crude import bill, ease pressure on oil marketing companies, and support RBI's inflation management. Monitor Brent crude and OPEC commentary for further direction this week.

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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is the crude oil price today on August 24, 2026?

Ans. Brent crude fell $1.22 or 1.29% to $93.17 per barrel. US WTI was at $85.86, down $1.20 or 1.38%. Profit-taking ahead of expected new US Iran sanctions drove today's decline.

Why is crude oil falling today despite Iran supply concerns?

Ans. Oil fell on profit-taking ahead of the expected US Iran sanctions announcement. Markets had already priced in the Iran supply disruption from last week's 5%+ rise.

What is the Brent crude oil price today?

Ans. Brent crude futures were at $93.17 per barrel on August 24, 2026, down $1.22 or 1.29%. Both Brent and WTI posted second consecutive weekly gains last week, rising more than 5%.

What is WTI crude oil price today?

Ans. US WTI crude was at $85.86 per barrel on August 24, 2026, down $1.20 or 1.38%.

How does falling oil price affect India today?

Ans. Lower oil on August 24 is mildly positive for India. Brent at $93.17 versus recent highs above $94 slightly reduces India's import bill, is positive for oil marketing company margins, and reduces inflationary pressure from energy costs.

What is the US-Iran war's impact on oil prices?

Ans. The conflict disrupted Middle East supply, with the Strait of Hormuz affected. This caused both Brent and WTI to rise more than 5% last week. Today's 1.29% decline reflects profit-taking ahead of new sanctions, not a resolution of the underlying supply disruption.