Oil Prices Steady Amid Harsher US Sanctions Against Iran

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

The Brent crude futures were down 9 cents, or 0.1%, at $92.16 by 0104 GMT, while US West Texas Intermediate crude was up 1 cent at $85.02 a barrel.

The contracts fell more than 2% on Monday with US crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks.

US Treasury Secretary Scott Bessent unveiled an expansion of sanctions to cut off Iran's economic lifeline, forcing an end to the war between them.

However, he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying instead that he would provide them time to comply with the new directive.