Oil prices fell Monday as WTI futures declined about 1.3% to $85.93 per barrel and Brent crude lost 1.24% to $93.22. U.S. Treasury Secretary Scott Bessent is set to unveil what he called the ‘single greatest financial offensive ever marshaled against an adversary.’ The Trump administration is pressuring allies to cut economic ties with Tehran, warning of steep penalties for countries helping Iran evade sanctions. Iran, through its Revolutionary Guard, has pushed back, claiming it can easily establish economic relations with other countries regardless of U.S. pressure.
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