Oil Prices Steady Amid US Sanctions on Iran
Oil prices have steadied after a two percent decline in the previous session, as investors assess the impact of US sanctions on Iran. Brent crude futures rose by $0.27 to $92.44 a barrel, while US West Texas Intermediate crude was up by $0.37 at $85.38.
The market seems largely unfazed by Washington's push for tighter economic pressure on Iran, with traders treating the effort as marginal rather than market moving, according to ING commodity strategists.
US Treasury Secretary Scott Bessent unveiled an expansion of sanctions to cut off Iran's economic lifeline, forcing countries to sever their business ties or risk being cut out of the US dollar-based financial system. However, he declined to identify targeted countries and revealed no timeline for penalties to take effect.