Oil rebounds after 2% drop on Iran sanctions
Oil prices rose today after a decline of more than 2% in the previous session, as investors await the impact of new US sanctions on Iran. Brent crude increased by 0.3% to $92.44 per barrel, while West Texas Intermediate rose by 0.4% to $85.38. These gains come despite escalating tensions with Iran, with the United States continuing to impose economic sanctions and Iran issuing threats to strategic oil routes, particularly the Strait of Hormuz, which jeopardize global oil supplies. Additionally, US oil inventories have fallen to their lowest levels since 1982, reflecting ongoing pressure on the market despite lingering concerns about disruptions to shipping in the region.
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