Commodities
Oil Prices Steady as US Sanctions Against Iran Take Center Stage
Oil prices steadied on Tuesday after falling over 2% in the previous session as investors assessed the impact of expanded US sanctions against Iran.
The Brent crude futures were down 9 cents, or 0.1%, at $92.16 by 1:04 am GMT, while US West Texas Intermediate crude was up 1 cent at $85.02 a barrel.
The price drop came after 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 dollar-based financial system.
However, Bessent declined to identify the targeted countries or reveal when those penalties would take effect, saying he would provide them time to comply with the new directive.