Oil markets respond to US Iran sanctions
Oil prices stabilized after falling more than 2% in the previous session, as investors assess the impact of new US sanctions on Iran, which aim to cut its economic lifeline and force it to end the war. There are warnings that Iran may respond by disrupting maritime navigation, especially in the Strait of Hormuz, through which about 20% of the world's oil consumption passes. Concerns over supply disruptions persist, particularly after an oil tanker was hit by an unknown projectile and was disabled near Oman, along with US oil inventories dropping to their lowest levels since 1982.
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