Crude oil futures declined on the New York Mercantile Exchange on Monday, August 24, marking their first drop in seven trading sessions. West Texas Intermediate (WTI) for October delivery fell $2.05, or 2.35%, to settle at $85.01 a barrel, while Brent crude dropped $2.22, or 2.35%, to $92.17. Investors increased profit-taking after a rally fueled by escalating Middle East tensions. New economic sanctions against Iran announced by U.S. Treasury Secretary Scott Bessent had limited market impact because they appeared to match expectations. The market remains caught between geopolitical risk supporting prices and supply-demand fundamentals, with traders watching whether the sanctions materially reduce Iranian crude exports and whether supply concerns return.