Oil prices decline as investors brush aside Bessent’s ‘economic D-Day’ for Iran

Oil prices fell sharply over several days as investors assessed a shift in U.S. strategy toward Iran, with the Treasury Secretary declaring an "economic D-Day" against Tehran and threatening broader economic sanctions rather than military strikes. West Texas Intermediate and Brent crude contracts declined by nearly 7% and 9% respectively over five days, with additional 3% drops recorded as traders saw reduced risk of renewed military conflict. Iran and Oman were reportedly eyeing a temporary deal regarding the Strait of Hormuz, while investors largely brushed aside Washington's economic pressure announcements and Iran's claims of a two-year coping plan.

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