Oil prices steady near $92 as Iran sanctions weigh on supply outlook

Oil prices edged higher on Tuesday, with Brent crude at $92.16 a barrel and WTI at $85.12, as investors weighed new U.S. sanctions on Iran following a 2% drop on Monday. The U.S. expanded secondary sanctions targeting Iran's economy, with Treasury Secretary Scott Bessent warning countries to sever business ties or face exclusion from the dollar system. Analysts said the move eased concerns about Middle East supply disruptions. Tensions persist as Iran threatens action on tankers in the Strait of Hormuz, which carries 20% of global oil. JPMorgan estimates Brent could reach $114 if disruptions last three months, while Goldman Sachs forecasts $80 in Q4.