Global oil prices continue to fall - Investors "ignore" the latest US sanctions on Iran
Oil prices fell further on Tuesday, with investors shrugging off the impact of the latest U.S. sanctions on Iran. Brent crude futures fell 90 cents to $91.27 a barrel, while U.S. crude fell 76 cents to $84.25.
“The market appears to be largely unfazed by Washington’s push for tougher economic pressure on Iran, with traders treating the US effort to wean partners off Iranian trade as marginal rather than market-changing,” ING commodities strategists said.
US Treasury Secretary Scott Bessent announced an expansion of sanctions to cut off the lifeline of Iran's economy and force it to end the war, telling countries that they would have to cut off their business ties or risk being excluded from the dollar-based financial system.
However, he declined to identify the countries that would be targeted, or reveal when these penalties would come into effect, saying instead that he would give them time to implement the new directive.
While Defense Secretary Pete Hegseth said the US would not rule out the use of military force against Iran, the country is turning to greater economic restraint, which analysts said removed concerns about threats to Middle Eastern oil supplies due to the war.
Supply disruptions as a result of the US-Israeli war against Iran that began on February 28 have caused countries to reduce their commercial and strategic reserves.
On Monday, the Energy Department reported that crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, the lowest level since November 1982.
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