Brent Oil Price Holds Steady Amid Rising Tensions with Iran
The Brent crude oil price has held steady at $92.78 per barrel despite growing expectations of US sanctions on Iran, which could lead to higher prices. According to ANZ Bank's senior commodity strategist Daniel Hynes, the price has found support as hopes for a near-term resolution to the Middle East conflict have faded.
The US Treasury Secretary Scott Bessent is set to announce economic measures against Iran today at 18:00 GMT, which could further increase upward pressure on oil prices. The move follows comments from President Donald Trump, who vowed sweeping sanctions on Iran and its allies.
Market participants are also keeping an eye on US crude stocks data, scheduled for release later this week. An increase in commercial US crude oil inventories by 4.4 million barrels to 429 million barrels in the week ending August 14 could indicate lower demand for oil and put downward pressure on Brent's price.