Oil held a decline as the US ramped up economic pressure on Iran and its trading partners in a bid to force the resumption of energy flows through the Strait of Hormuz. West Texas Intermediate traded near $85 a barrel, after falling more than 2% in the previous session, while Brent closed at around $92. Countries will face a specific timeline to shut down links with Iran or face unilateral punishment, Treasury Secretary Scott Bessent said on Monday as part of what he called an “economic D-Day” campaign.