SINGAPORE: Oil prices fell further on Tuesday after settling down more than 2 percent in the previous session, with investors brushing off the impact of the latest US sanctions against Iran.
Brent crude futures fell 90 cents, or 1 percent, to $91.27 a barrel by 09:30 a.m. Saudi time, while US West Texas Intermediate crude was down 76 cents, or 0.9 percent, at $84.25.
Both contracts settled lower on Monday, with US crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks.
“The market seems largely unfazed by Washington’s push for tighter economic pressure on Iran, with traders treating the US effort to nudge partners away from Iranian trade as marginal rather than market moving,” said ING commodity strategists in a note on Tuesday.
US Treasury Secretary Scott Bessent on Monday unveiled an expansion of sanctions to cut off Iran's economic lifeline, to force an end to the war between them, telling countries they would need to sever their business ties or risk being cut out of the dollar-based financial system.
