Oil prices steady as US sanctions on Iran weigh on market
Oil prices steadied Tuesday after falling over 2% the previous session, as investors weighed expanded U.S. secondary sanctions against Iran. Brent crude dipped 0.1% to $92.16, while WTI held at $85.02. U.S. Treasury Secretary Scott Bessent unveiled harsher sanctions Monday to cut off Iran's economic lifeline, warning countries to sever business ties or risk exclusion from the dollar-based financial system. He declined to identify targeted nations or specify when penalties take effect, providing time for compliance. Analysts said economic coercion reduced concerns about Middle Eastern supply disruptions versus military action, though Iran retains ability to disrupt shipping. A tanker was struck near Oman Tuesday, and Iran threatened action against 45 tankers crossing the Strait of Hormuz.