Oil dips 3% on Iran sanctions review

Oil prices dropped by about 3% to reach their lowest levels in a week, as markets assessed the implications of new sanctions against Iran. Brent crude fell to $89.42 per barrel, while West Texas Intermediate dropped to $82.34, with markets focusing on the fact that economic pressure tools are less risky to supply than direct military escalation. Analysts confirmed that the emphasis on sanctions rather than military escalation has eased concerns about supply shortages, despite the ongoing closure of the Strait of Hormuz and Iran’s vows to respond to the pressure. Shipping prices also declined, with only two ships passing through the strait, while warnings continue about the potential impact of current tensions on oil markets.

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