Oil prices recover following U.S. sanctions on Iran

Oil prices recovered on Tuesday following a sharp decline of over 2% in the previous session. Brent crude rose by 27 cents to $92.44 per barrel, while U.S. West Texas Intermediate (WTI) increased by 37 cents to $85.38 per barrel.

The price movement follows a period of volatility driven by new U.S. economic sanctions targeting Iran. The U.S. Department of the Treasury expanded its sanctions to include sectors such as digital assets, technology, gold, aviation, and shipping. These measures targeted approximately 60 entities, including organizations, individuals, and vessels linked to Iranian oil networks, nuclear programs, and missile activities.

Market attention remains focused on supply risks in the Strait of Hormuz, a critical waterway that previously handled approximately one-fifth of global oil consumption. Regional tensions involving the United States, Israel, and Iran continue to impact energy trade and shipping stability.