Oil prices declined by about two percent on Monday, giving back some of the previous week's gains, as investors awaited details of a US plan to impose significant economic pressure on Iran. US Treasury Secretary Scott Bessent is scheduled to hold a press conference to outline new actions against Tehran, which he described in the Financial Times as an 'economic D-Day' and the 'single greatest financial offensive marshalled against an adversary'. The Brent benchmark remained above $92 per barrel after jumping more than seven percent last week. The market is closely watching for any impact on the Strait of Hormuz, a crucial oil shipping route.
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