Economic factors and geopolitical tensions brought down oil prices
Despite the geopolitical risks, investor sentiment was tempered by concerns over economic headwinds, notably stronger-than-expected inflation data.
Oil prices experienced a minor decline on Tuesday as economic uncertainties overshadowed geopolitical tensions surrounding Israel's pending response to Iran's recent attack.
Despite the geopolitical risks, investor sentiment was tempered by concerns over economic headwinds, notably stronger-than-expected inflation data.
The US has announced plans for fresh sanctions against Iran in response to its attack on Israel. These sanctions could target Iran's oil export capacity, reflecting a significant escalation in tensions between the two nations and carrying potential implications for global oil markets.
Brent futures decreased by 8 cents lower or 0.1% to settle at $90.02/barrel.
WTI fell by 5 cents lower or 0.1% to settle at $85.36/barrel.