Oil prices fell sharply Monday after Iran said it wouldn’t abide by the terms of a production freeze sought by other nations, raising the prospect of a fresh new source for the global crude glut. Both the U.S. and global oil benchmarks gave back about a week’s worth of gains, which have come amid a run-up of more than 40% in the last month as bullish investors ignored the current dreary supply-and-demand dynamics and bid up the market in the hope of a future recovery. The U.S. contract ended down 3.4% at $37.18 a barrel…