Your Daily Scope and News of What Matters
Oil price fell Aug. 24 even after Bessent launched Operation Economic Outcast. Brent settled $92.17 (−2.35%); WTI $85.01. Profit-taking after a +5% week as Hormuz still moves enough barrels to keep $120–150 off the screen.
Treasury Secretary Scott Bessent launched Operation Economic Outcast Aug. 24, sanctioning 60+ entities and warning countries that deal with Iran could lose dollar access. Brent fell 2.4%. A major bank sanction is teased by week’s end.
The UAE imposed an indefinite UAE Iran trade embargo Aug. 19, halting all trade and financial transactions with Iran after alleged ballistic missile launches. Pre-war, the UAE supplied roughly 30% of Iran’s imports. Tehran denies the attack.