Oil prices steady as investors weigh impact of expanded US sanctions against Iran

Business Recorder reported that oil prices steadied on Tuesday after a slide of over 2% the day before, as traders assessed harsher US sanctions against Iran. Brent crude fell 9 cents, or 0.1%, to $92.16 a barrel, while US West Texas Intermediate rose 1 cent to $85.02. Both benchmarks had dropped over 2% on Monday, with profit taking following two weeks of gains.

US Treasury Secretary Scott Bessent announced on Monday a wider sanctions push targeting Iran's economy, warning that countries must cut business dealings with Iran or lose access to the dollar-based financial system. He named no targeted countries and gave no start date, instead allowing time to comply. Defense Secretary Pete Hegseth said Washington would not rule out military force, though analysts read the shift toward economic pressure as easing supply fears.

A tanker was hit on Tuesday by an unknown projectile about 9 nautical miles from Oman's Ash Shishah, the UK Maritime Trade Operations said. Iran, which still claims control of the Strait of Hormuz, named 45 tankers it said had broken its crossing rules, threatening to seize their cargoes. KCM chief market analyst Tim Waterer said Iran could still disrupt shipping, leaving a lingering risk premium in crude. On Monday, the Energy Department reported that the US Strategic Petroleum Reserve fell 3.7 million barrels last week to 289.7 million barrels, the lowest since November 1982.