Oil steadies as new US sanctions on Iran test supply risks

thestar.com.my

Oil prices steadied Tuesday after falling over 2% Monday, as markets weighed new U.S. sanctions on Iran. Brent rose 0.3% to $92.44 a barrel; West Texas Intermediate gained 0.4% to $85.38. Treasury Secretary Scott Bessent expanded sanctions Monday to cut Iran's economic lifeline, warning countries to sever ties or face exclusion from the dollar system. Analysts said traders viewed economic pressure as less risky to supply than military action, though Iran could disrupt shipping. An oil tanker was struck by a projectile off Oman Tuesday, highlighting threats. Iran named 45 tankers violating Strait of Hormuz rules, and U.S. strategic reserves fell to their lowest since 1982.


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