Oil prices fell about 3% on Tuesday as the US shifted its focus from military strikes to economic sanctions to pressure Iran. Brent crude, the international oil benchmark, fell 3.3% to $89.14 a barrel. US West Texas Intermediate crude, or WTI, dropped 3.1% to $82.36 a barrel. Oil prices fell 3% as the US shifted to Iran sanctions. (Pexel/Representative image) (Pexel) Oil prices have now fallen more than 5% this week after the US announced a new round of sanctions against Iran and companies and individuals that continue to trade with the country. The White House has described its new campaign against Iran as an “economic D-Day.” Treasury Secretary Scott Bessent has called the campaign “the single greatest financial offensive ever.” Bessent said last week that the stronger economic pressure on Iran makes a return to a major war less likely for now. “If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart,” Bessent told CNBC’s “Squawk on the Street” on Thursday. The US …