Oil prices hold above $90 as Middle East tensions rise

Oil prices remained steady on Tuesday, with Brent crude holding above $90 a barrel, as investors weighed the impact of new US sanctions on Iran against ongoing supply risks in the Middle East. Brent crude gained 0.09% to $92.25 a barrel, while WTI crude rose 0.35% to $85.31, following a more than 2% decline on Monday. An oil tanker was hit by an unidentified projectile near Oman, and Iran warned it could act against 45 tankers it said violated strait rules. The US expanded sanctions to cut off Iran's economic lifeline, with Treasury Secretary Scott Bessent warning countries to end business ties or risk losing access to the dollar-based system. US crude reserves fell to their lowest level since 1982, though prices remain far below the $126 peak seen earlier in the conflict.