According to CoinMeta, and as reported by Reuters, on August 24th, oil prices fell due to investors taking profits. Brent crude oil futures dropped by $1.16, a decrease of 1.23%, to $93.23 per barrel, while West Texas Intermediate (WTI) crude oil fell by $1.55, a decrease of 1.78%, to $85.51 per barrel. Both had seen their second consecutive week of increases last week, with gains of over 5%. U.S. Treasury Secretary Scott Branson threatened to impose "the harshest sanctions in history" on Iran, and President Trump also threatened to sanction Iran's trading partners. Analyst Tamas Varga stated that if the promised embargo is implemented, regional oil supply will decline. Iran has condemned the new U.S. sanctions plan and called for a diplomatic solution.