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Brent crude fell more than 3% on Tuesday as traders viewed U.S. economic pressure on Iran as less disruptive to oil supply than military escalation
Germán Vogel / Getty Images
Oil prices retreated to their lowest point in a week on Tuesday after investors decided the newest U.S. sanctions targeting Iran were unlikely to disrupt supply as severely as a military conflict would.
Brent crude futures slid more than 3% to around $89 a barrel, with U.S. West Texas Intermediate declining by a similar margin to trade near $82. The moves pushed Brent back to levels not seen since August 19 and left WTI at its softest reading since August 17.
