Oil prices steady as US sanctions on Iran weigh on market

Oil prices steadied on Tuesday after falling more than 2% the previous day, as investors weighed new U.S. secondary sanctions against Iran. Brent crude dipped 0.1% to $92.16 a barrel, while WTI held at $85.02. U.S. Treasury Secretary Scott Bessent expanded sanctions to cut off Iran's economy, warning countries to sever business ties or face exclusion from the dollar-based financial system. Analysts said economic pressure reduced supply disruption fears, though an oil tanker was struck near Oman, keeping a risk premium. Iran maintains control over the Strait of Hormuz, which typically carries about 20% of global oil use, and has threatened action against 45 tankers. U.S. strategic reserves fell to their lowest since 1982, at 289.7 million barrels.