Oil steadies after US expands Iran sanctions; Brent holds near $92
What's new: Traders treated Washington's move as less disruptive than military action, though tanker traffic and shipping risks in Hormuz remain strained.
Oil prices steadied Tuesday after dropping more than 2% a day earlier, as traders weighed a new round of US sanctions meant to further isolate Iran. Brent crude rose 0.3% to $92.44 a barrel and West Texas Intermediate gained 0.4% to $85.38 after Treasury Secretary Scott Bessent broadened penalties tied to Iran's trade and warned countries to cut business ties or risk losing access to the US dollar-based financial system. Analysts said the market saw economic pressure as less threatening to immediate physical supply than direct military action. Even so, risks to shipping remain elevated: Iran named 45 tankers it said broke its rules in the Strait of Hormuz, and a tanker was struck Tuesday near Oman's Ash Shishah, according to the United Kingdom Maritime Trade Operations.