Oil prices steady as US sanctions on Iran weigh on market

Oil prices steadied Tuesday after falling over 2 percent Monday, as investors weighed expanded U.S. secondary sanctions against Iran. Brent crude dipped 0.1 percent to $92.16, while West Texas Intermediate held at $85.02. Treasury Secretary Scott Bessent unveiled the sanctions Monday to cut off Iran's economic lifeline, warning countries to sever business ties or risk exclusion from the dollar-based financial system. Analysts said economic coercion reduced fears of Middle East supply disruptions, though Iran retains ability to disrupt shipping. An oil tanker was struck by an unidentified projectile off Oman's coast Tuesday, highlighting ongoing threats. Iran named 45 tankers for breaking Strait of Hormuz rules, threatening cargo confiscation. U.S. strategic petroleum reserves fell to their lowest since 1982.