Oil Prices Fall Amid Rising Tensions Between US and Iran, and US-Canada Trade Dispute
Global oil demand uncertainty increased Tuesday as prices fell following renewed economic tensions between the US and Iran, and escalating trade disputes between the US and Canada.
The International benchmark Brent crude futures for November delivery traded at $89.66 per barrel, down 0.97% from the previous close of $90.54.
US Treasury Secretary Scott Bessent stated that the US aims to 'sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.'
The measures, which include blacklisting over 60 entities and individuals worldwide, target Iran's most vital lifelines, including aviation, shipping, gold, technology, and digital assets.
US Defense Secretary Pete Hegseth said the US is not ruling out further military strikes on Iran, but economic pressure currently hurts Iran the most.