Oil Prices Steady Amid Harsher US Sanctions Against Iran

Oil prices stabilized on Tuesday after falling over 2% in the previous session as investors assessed the impact of harsher US secondary sanctions against Iran.

Brent crude futures were down nine cents, or 0.1%, at $92.16 by 0104 GMT, while US West Texas Intermediate crude was up one cent at $85.02 a barrel.

The oil market reacted to the expansion of sanctions unveiled by US Treasury Secretary Scott Bessent on Monday, which aims to cut off Iran's economic lifeline and force an end to the war between them.

Tim Waterer, chief market analyst at KCM, said markets are pricing economic pressure as a lower-risk path for physical supply than kinetic action, but warned that Iran still retains the ability to respond by disrupting shipping.