Crude oil traded near $85 per barrel on Tuesday after falling more than 2% in the previous session. The decline came as the US intensified economic pressure on Iran and its trading partners to force the reopening of the Strait of Hormuz, a key oil-shipping chokepoint. Treasury Secretary Scott Bessent said Washington plans to isolate Iran with sanctions against countries that continue doing business with the Islamic Republic. President Donald Trump said those countries would receive a specific timeline to sever ties with Tehran or face unilateral US penalties. Markets remain uncertain whether the measures will accelerate or delay a possible resolution to the US-Iran conflict and the full reopening of Hormuz. Energy-flow risks also remain high after the UK Navy reported that an oil tanker was struck and disabled near Oman, while Iran-backed Houthi militants said they fired on a Saudi Arabian supertanker in the Red Sea.