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WTI trades above $84.5 as US Iran sanctions concerns intensify
Oil futures were up near $84.70 after the prior session’s more than 2% drop, as US officials move to penalize countries doing business with Iran.
West Texas Intermediate oil edged higher after a sharp selloff the previous day, holding above $84.50 and trading around $84.70 per barrel during Tuesday’s Asian hours, according to FXStreet.
The gains followed escalated US pressure on Iran and its trading partners, with the US Treasury outlining plans to isolate Iran through penalties on countries maintaining business ties with Tehran, and President Donald Trump saying those nations face a timeline to sever ties or face unilateral US penalties.
FXStreet also cited BNY’s Geoff Yu, who warned the US is widening its economic confrontation with Iran, a strategy aimed at deepening Tehran’s financial isolation that could produce spillovers beyond Iran and affect relations with key European and Asian trading partners.
Geopolitical risks to Middle East energy flows remained elevated, with the UK Navy reporting an oil tanker was struck and disabled near Oman, while Iran-backed Houthi militants claimed responsibility for an attack on a Saudi Arabian supertanker in the Red Sea.
Latest closeWTI crude $82.40 ▲1.4%