Oil prices fell about 4 percent in New York on Tuesday after traders shrugged off the latest U.S. sanctions campaign against Iran. Brent crude and U.S. West Texas Intermediate both hit their lowest levels since August 17. The move reflected a shift from military conflict concerns to economic pressure, though analysts still warned of disruption risks in the Strait of Hormuz. An oil tanker was also struck near Oman, and refinery incidents were reported in Russia and Kazakhstan.
An oil tanker approaches the new Jetty during the launch of the new oil facility in Fujairah, United Arab Emirates, Sept. 21, 2016. AP-Yonhap
NEW YORK — Oil prices fell about 4 percent to a one-week low on Tuesday as traders shrugged off the latest U.S. sanctions campaign against Iran, viewing economic pressure as posing less risk to oil supplies than a military escalation.
Brent crude futures were down $3.83, or 4.2 percent, to $88.34 a barrel by 11:44 a.m. EDT, while U.S. West Texas Intermediate crude futures fell $3.34, or 3.9 percent, to $81.67.
Both benchmarks hit their lowest levels since August 17.
