Crude futures pulled back on Wednesday after U.S. Treasury Secretary Scott Bessent unveiled what he described as an "unprecedented" campaign aimed at isolating Iran and compelling the government in Tehran to ease its grip over the strategic Strait of Hormuz. Bessent warned that any nation continuing commercial engagement with Iran could face economic penalties from Washington.

In response, Iran's economy minister stated, "We anticipated these American plans well in advance and have already formulated a two-year strategy to be fully prepared for such developments."

According to Jorge Leon, head of geopolitical analysis at Rystad Energy, the most significant threat to oil markets may not be the sanctions themselves, but rather how Iran chooses to react. He noted that the scope for additional U.S. sanctions to cut off Iranian oil supplies may already be limited, yet Tehran retains substantial capacity to disrupt oil exports from other countries in the region.

Brent crude futures for October delivery settled down 2.4% at $92.17 per barrel, while West Texas Intermediate (WTI) crude for October delivery fell 2.4% to close at $85.01 per barrel.

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