Oil Prices Steady Amid US Sanctions on Iran

Oil prices steadied on Tuesday after falling over two percent in the previous session as investors assessed the impact of harsher US sanctions against Iran.

The Brent crude futures were down nine cents, or 0.1 percent, at $92.16 (S$117) by 1.04am GMT (9.04 am SGT), while US West Texas Intermediate crude was up one cent at $85.02 a barrel.

The US Treasury Secretary Scott Bessent unveiled an expansion of sanctions to cut off Iran's economic lifeline, telling countries they would need to sever their business ties or risk being cut out of the dollar-based financial system.

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