US Sanctions Weigh on Brent Crude Prices, Analysts See Downside Move

US sanctions targeting Russia and Iran have weighed on Brent crude oil prices, which are currently trading at $97.82.

The new measures require up to 100% tariffs on imports from the five largest purchasers of Russian crude and natural gas, as well as additional sanctions on countries assisting Russia in evading oil export restrictions.

As a result, Brent crude trades below its key moving averages and has shown elevated intraday volatility near session lows.

The analysis suggests that there is a 68% probability of a downside move for XBR over the next 2-3 trading days, with an expected range of $94.24 to $101.4.