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Oil dips as US imposes Iran sanctions
Oil prices fell by more than 3% during Tuesday's trading session, after the United States launched a new round of economic sanctions against Iran instead of resorting to military strikes, in an effort to pressure Tehran. The futures contracts for Brent crude dropped by 3.9%, reaching $88.58 per barrel, while West Texas Intermediate declined by 3.1% to $82.36, with a total decrease of over 5% this week following the announcement of sanctions targeting key entities involved in trade with Iran. Washington confirmed that this campaign is the largest of its kind and aims to cut off Iran's funding sources and reduce regional tensions. While monitoring the situation closely and considering the possibility of military strikes if necessary, the current step focuses on economic pressure.
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