Brent climbs back above $92 as US widens Iran sanctions
What's new: A tanker was disabled near Oman after a projectile strike, keeping a risk premium in oil even after Monday's sell-off.
Oil prices edged higher Tuesday after a sharp drop a day earlier, as traders weighed broader US sanctions aimed at squeezing Iran's trade. Brent crude rose to $92.44 a barrel and West Texas Intermediate gained to $85.38, recovering part of Monday's more than 2% decline. Treasury Secretary Scott Bessent expanded sanctions on countries doing business with Iran, though he did not name targets or set a timetable. Analysts said the shift toward economic pressure, rather than immediate military action, reduced fears of a sudden supply shock. Still, risks around the Strait of Hormuz persisted after the United Kingdom Maritime Trade Operations reported a tanker was hit by an unidentified projectile near Oman's Ash Shishah.