International · September 14, 2026 · 1 min read

Oil Prices Slide as Markets Shrug Off Bessent's Iran Sanctions, Hormuz Traffic Hits Multi-Month Low

Published September 14, 2026 • Updated September 14, 2026

Reviewed by Gemini historical-backfill QC (90/100)

WTI and Brent crude fell as traders judged new U.S. sanctions on Iran too measured to disrupt supply, even as Strait of Hormuz shipping traffic collapsed to a multi-month low.

**Oil slides on measured Iran sanctions.** WTI crude settled at $84.94 a barrel (roughly flat) and Brent fell 1.9% to $90.46 a barrel on Tuesday, after Treasury Secretary Scott Bessent's newly announced sanctions on "dozens of individuals, entities and vessels linked to Iran" stopped short of immediately targeting the Chinese banks that finance Iranian oil trade — easing near-term fears of a supply disruption. **Strait of Hormuz traffic falls to a multi-month low.** Vessel traffic through the strait, which carries roughly a fifth of global oil supply, fell to just two ships in a day — the lowest since early May — after a tanker was damaged near Oman's coast. The IEA now projects a global supply deficit of 1.8 million barrels a day in Q3 2026, more than double its prior forecast.

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