Oil Prices Steady as US Sanctions on Iran Weigh on Markets
Oil prices steadied Tuesday after falling over 2% the previous session, as investors weighed new US sanctions against Iran. Brent crude slipped 9 cents to $92.16 a barrel, while US West Texas Intermediate rose 1 cent to $85.02. The sanctions, announced Monday by Treasury Secretary Scott Bessent, aim to cut Iran's economic lifeline by forcing countries to halt trade or face exclusion from the dollar-based financial system. Analysts said economic pressure appears less threatening to oil supplies than military action, explaining the muted price reaction. Iran retains the ability to disrupt shipping, and a tanker was hit by an unknown projectile off Oman Tuesday. Tehran also named 45 tankers violating its Strait of Hormuz rules, threatening seizure. US strategic reserves fell to their lowest since 1982.