Oil drops 3% to 12-day low as Iran claims two-year plan to cope with Washington’s ‘economic D-Day’

Oil prices fell to more than a one-week low on Tuesday, as investors shrugged off supply concerns and Washington and Tehran's intensifying war of words ahead of "economic D-Day."Front-month Brent crude oil futures were last seen trading 3% lower at $89.40 per barrel, its lowest since Aug. 13. U.S. West Texas Intermediate crude oil futures fell 3.2% to trade around $82.32 a barrel. Stock Chart IconStock chart iconOil pricesTuesday's moves extended declines seen on Monday, when Brent prices fell by 3%. Washington has made moves to exert huge economic pressure on Iran in recent days, with the U.S. government unveiling a fresh raft of sanctions on Iran and so-called "enablers" that continue to trade with the country. The White House has labeled its efforts an "economic D-Day," with Treasury Secretary Scott Bessent touting the initiative as "the single greatest financial offensive ever" on Monday. Meanwhile, U.S. Defense Secretary Pete Hegseth told reporters on Monday that the prospect of further American strikes in the Middle East remained on the table. "If we need to use kinetic strikes, we'll use them," he said. "If Iran is foolish enough to overplay their hand or mess with the Ameri...