Hong Kong: Oil prices fell on Monday as investors braced for details of a US plan to isolate the Iranian economy that President Donald Trump billed as the "most crushing" financial operation ever against Tehran.
Eyes are also on US Treasury boss Scott Bessent, who he would give more details in a news conference on Monday on a fresh push to pile economic pressure on Iran.
The United States warned allies and China on Thursday to join Trump's new campaign, which comes as the unpopular war in the Middle East drags toward the six-month mark.
Vice President JD Vance admitted the plan was a "delicate dance" because Iran will "try to apply economic pressure to us".
Asked whether the United States would pressure China, Bessent told CNBC that "many conversations are best to have in private", but called on Beijing "to get with the programme".
Both main crude contracts were down 2.3 percent, with the Brent benchmark sitting at $92 a barrel.
Traders will also be watching this week's annual gathering of central bankers, economists and finance chiefs in Jackson Hole in the United States, hoping for some clarification on US monetary policy.
The meeting comes after the Treasury bought its own bonds last week in an effort to push down borrowing costs after the 30-year yield surged to levels last seen in 2007, just before the global financial crisis.
Yields have risen on inflation fears and as the United States reported that its federal debt had topped $40 trillion.
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