Oil slides over 3% to hit one-week low as US unveils tough sanctions on Iran | The National

Drivers queue at a petrol station in Tehran. Iran's economy, used to decades-old hardships due to sanctions, is now bracing for another round from the US. AFPShow caption: Drivers queue at a petrol station in Tehran. Iran's economy,…Investors digesting potential effects of measures that aim to further hamper Tehran

Oil prices dropped more than 3 per cent on Tuesday, with Brent falling below $90 a barrel, hitting a one-week low.

Brent was down 3.1 per cnet to $89.31, while West Texas Intermediate retreated 3.34 per cent to $82.17.

The US launched Operation Economic Outcast, broadening secondary sanctions on companies and countries doing business with Iran.

Iran threatened to halt all oil exports through the Strait of Hormuz if Washington proceeded with its sanctions plan.