India, Aug. 24 -- Oil prices fell on Monday as investors waited for the US to announce new measures aimed at putting more economic pressure on Iran. Brent crude, the global oil benchmark, fell 1.8% to about $93 a barrel. West Texas Intermediate (WTI), the US oil benchmark, dropped 2.3% to around $85 a barrel.

Even after Monday's fall, Brent is still nearly 30% higher than it was before the war began, according to The New York Times. The main focus for markets is now on what new steps President Donald Trump's administration will take against Iran.

US Treasury Secretary Scott Bessent is expected to announce details of the new measures on Monday afternoon in Washington. Bessent has described the move as an "economic D-Day" for Iran. In an ...