Oil Prices Stabilize Amid US Sanctions on Iran

Oil prices stabilized on Tuesday after falling more than 2% in the previous session, as investors weighed the impact of tougher US sanctions on Iran.

The Brent crude futures price rose by 6 cents, or 0.1%, to $92.16 a barrel, while US West Texas Intermediate crude increased by 15 cents to $85.12.

US Treasury Secretary Scott Bessent announced an expansion of sanctions aimed at cutting off Iran's economic lifeline and forcing an end to the war between the two countries.

Bessent stated that countries would have to sever their business ties with Iran or risk being excluded from the dollar-based financial system, but did not identify specific countries that would be targeted or provide a timeline for when the penalties would come into effect.