Oil recovers after 2% drop on Iran sanctions
Oil prices rose today after falling more than 2% in the previous session, as investors evaluated the impact of new U.S. sanctions targeting Iran. Brent crude increased by 0.3% to reach $92.44 per barrel, while West Texas Intermediate gained 0.4% to $85.38. Despite Washington announcing expanded sanctions aimed at severing economic ties with Iran, the market was not significantly affected. Meanwhile, Iranian threats to disrupt shipping through the Strait of Hormuz continue, amid U.S. crude inventories falling to their lowest level since 1982.
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