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Line chart showing WTI crude oil prices falling over three sessions in late August 2026 despite new Iran sanctions.

Oil has fallen for three straight sessions despite Washington unveiling its most sweeping Iran sanctions campaign on record, because the measures stopped short of targeting Iran's trading partners, including China. A parallel diplomatic track, including talks on a temporary Iran-Oman maritime corridor through the Strait of Hormuz, is doing more to move prices than the sanctions list itself. A fading Hormuz risk premium cuts two ways for Canada, pressuring energy stocks while easing pressure on household fuel costs.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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