Oil prices fell 3% on Tuesday to their lowest level in 12 days, as investors shrugged off supply concerns amid escalating tensions between Washington and Tehran. Brent crude retreated to $89.40 per barrel and U.S. WTI crude to $82.32 per barrel. The United States announced new sanctions targeting Iran and countries continuing to trade with it, calling the initiative an « economic D-Day » and « the single greatest financial offensive ever. » Iran stated it is « fully prepared » with a two-year plan to manage the sanctions. China, one of Iran’s largest trading partners, warned it would do « everything necessary » to defend its interests.
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