Oil prices steady amid U.S. sanctions analysis

Oil prices rose today after previously dropping by more than 2%, with Brent crude reaching $92.44 per barrel and West Texas Intermediate at $85.38, as investors evaluated the implications of new U.S. sanctions on Iran. Washington announced a package of financial sanctions targeting Tehran, preventing countries that violate them from engaging with Iran's banking system in dollars, while offering a grace period for compliance. Meanwhile, security tensions continued to support prices, as an oil tanker was hit by a shell off the coast of Oman, and Iran threatened to seize vessels that violate traffic rules in the Strait of Hormuz. Additionally, U.S. strategic oil reserves have fallen to their lowest levels since 1982.

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