International oil prices have risen more than 50% this year, even as West Texas Intermediate traded near $85 a barrel after falling more than 2% in the previous session and Brent settled around $92. The decline continued after the US tightened economic sanctions on Iran, targeting about 60 entities and individuals, including Iran's oil revenue network and a shadow fleet transporting crude and petroleum products. US Treasury Secretary Scott Bessent said countries doing business with Iran must sever economic ties within a set period or face unilateral US sanctions, calling the measure an "economic D-Day" for Iran. Iranian Economy Minister Seyed Ali Madanizadeh said Iran was "fully prepared" for the new US economic offensive. Six months of war have disrupted crude and refined-product shipments across the Middle East, while Iran continues to restrict energy transit through the Strait of Hormuz. Yemen's Iran-backed Houthi rebels also said they fired a ballistic missile at a Saudi very large crude carrier in the Red Sea, highlighting continued risks around the Bab el-Mandeb Strait. The impact of the new sanctions remains uncertain, while potential tensions between China, the biggest buyer of Iranian crude, and the US represent another variable.