Oil prices steady as US expands Iran sanctions, tanker hit near Oman

Oil prices steadied Tuesday after falling more than 2 percent Monday, as investors weighed expanded US secondary sanctions against Iran. Brent crude dipped 0.1 percent to $92.16, while US West Texas Intermediate rose slightly to $85.02 a barrel. US Treasury Secretary Scott Bessent unveiled the sanctions expansion to cut off Iran's economic lifeline, telling countries to sever business ties or risk exclusion from the dollar-based financial system. Analysts said economic coercion, rather than military action, reduced concerns about threats to Middle Eastern oil supply, though Iran retains ability to disrupt shipping. An oil tanker was struck by an unidentified projectile near Oman on Tuesday, highlighting ongoing threats. Iran named 45 tankers for violating strait rules and threatened action, while US strategic petroleum reserves fell to their lowest since November 1982.