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US-Iran sanctions and oil volatility impact global markets

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2026-08-27 03:37 UTC → 2026-08-27 21:10 UTC · added ~~removed~~

Geopolitical tensions between the US and Iran continue to destabilize global energy markets. Following President Donald Trump’s description of upcoming economic measures as ‘economic D-Day’, US Treasury Secretary Scott Bessent announced an ‘economic exclusion’ operation to sever resources sustaining Tehran. While Brent crude initially surged, prices dropped below $90 on August 24, trading at approximately $89.55, as markets reacted to the announcement and the expiration of a 60-day ceasefire. The Energy Information Administration (EIA) reported that a blockade of the Strait of Hormuz has contributed to a global inventory drawdown of 1.91 million barrels per day. In response to the US strategy, Tehran has signaled it is ‘completely ready’ for sanctions. The US has since expanded its economic pressure by introducing new secondary sanctions targeting digital assets, technology, gold, aviation, and shipping sectors. Diplomatic efforts to stabilize the region are underway, with Iran and Oman engaging in negotiations to establish a temporary maritime corridor and coordinate mine clearance in the Strait of Hormuz. Additionally, Pakistan has emerged as a mediating party to facilitate dialogue between Washington and Tehran. These tensions have caused significant economic ripples in South Asia and Africa. In Pakistan, the Oil & Gas Regulatory Authority (OGRA) has implemented daily price adjustments for petrol and diesel. In Nigeria, the Dangote Refinery increased its nationwide diesel price by N100 per litre to N1,670. In India, the government has revised central excise levies, reducing duties on exported petrol and diesel to Nil as of August 15. However, the Indian rupee faces downward pressure, trading around 95.59 against the US dollar. Market volatility has intensified as Brent crude climbed above $91 per barrel, driving losses in Indian equity markets, including the BSE Sensex and NSE Nifty 50.

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