Oil Prices Fall Amid US Campaign to Isolate Iran

Oil prices declined by 2.4 percent on Tuesday after US Treasury Secretary Scott Bessent announced an 'unprecedented' campaign to isolate Iran from the global economy.

The move aims to pressure Teheran to loosen its grip on the Strait of Hormuz, a major oil shipping route.

Brent crude settled around $92 per barrel after adding about 13 percent over the past two weeks, while West Texas Intermediate declined to near $85 a barrel.

Bessent likened new sanctions to the Normandy landings that helped bring an end to World War II, but prices were little changed after the press conference on Monday.