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Oil drops 3% as U.S. shifts to economic pressure on Iran, easing fears of renewed war
Oil prices fell more than 3% on Tuesday as the U.S. pivots to economic sanctions rather than military strikes to pressure Iran.
Brent futures, the international benchmark, fell 3.2% to $89.20 per barrel. U.S. West Texas Intermediate crude was down 3.3% at $82.21 a barrel.
Prices have fallen more than 5% this week after the U.S. government unveiled a fresh raft of sanctions on Iran and so-called "enablers" that continue to trade with the Islamic Republic.
The White House has labeled its efforts an "economic D-Day" with Treasury Secretary Scott Bessent claiming the campaign is "the single greatest financial offensive ever." Bessent told CNBC last week that the decision to ratchet up economic pressure means a return to war is unlikely for now.
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