Oil price today: Brent crude stays above $90 as Middle East standoff intensifies
Oil prices remain volatile as tensions in the Middle East escalate, with Brent crude holding above $90 following an attack on an oil tanker near Oman. The US has responded by expanding economic sanctions against Iran to pressure the country regarding its regional influence and the ongoing conflict.
Why it matters
Geopolitical instability in the Middle East directly threatens global energy supply chains and economic stability.
Oil prices remained steady on Tuesday after sliding more than 2% the previous day, with investors weighing the potential impact of tougher US sanctions on Iran against ongoing risks to oil supplies.Brent crude gained 0.09% to $92.25 a barrel while WTI crude was 0.35% up to $85.31 a barrel.The two benchmarks had fallen more than 2% on Monday. Supply concerns remained in focus after the United Kingdom Maritime Trade Operations said that an oil tanker was hit by an unidentified projectile and disabled about 9 nautical miles (16.7 km) northeast of Oman's Ash Shishah on Tuesday.The incident came as tensions around the Strait of Hormuz continued.
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