Commodities
Oil Prices Rebound Amid Sanctions Concerns
Oil prices rebounded on Tuesday after falling by over 2% in the previous session. The price hike was partly driven by investors reassessing the impact of stricter US sanctions against Iran.
Brent crude futures rose by $0.27, or 0.3%, to $92.44 per barrel, while US West Texas Intermediate crude climbed by $0.37, or 0.4%, to $85.38 per barrel.
The price of oil had declined on Monday due to profit-taking after two weeks of rallying. The recent dip was also influenced by the release of data showing a decrease in the US Strategic Petroleum Reserve.