Oil prices rise slightly amid US sanctions on Iran
Oil prices rebounded after falling more than 2% yesterday, with Brent rising to $92.44 per barrel and West Texas Intermediate to $85.38. This comes as investors continue to assess the impact of new U.S. sanctions on Iran. Despite American statements hinting at the possible use of military force against Iran, the market viewed the economic pressure on Tehran as having a limited impact on supplies—especially after an oil tanker was hit by an unidentified projectile in Oman and U.S. oil inventories dropped to their lowest level since 1982.
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