US-Iran Standoff Keeps Oil Prices Under Pressure

Crude oil futures experienced a third consecutive day of decline before stabilizing as tensions between the US and Iran remain high. The current standoff is due to the US announcing new economic sanctions, which has led to heightened anxiety in the market.

The Islamic Revolution Guards Corps reiterated its stance that the Strait of Hormuz will not reopen until Iran's conditions are met. This development has kept pressure on oil prices, as the strait is a critical waterway for global oil supplies.