Oil prices steady as investors weigh impact of expanded US sanctions against Iran
XLE•Oil prices steady after Monday's drop
Oil prices steadied on Tuesday after falling more than 2% in the previous session, as investors assessed the impact of harsher U.S. secondary sanctions against Iran.
Brent crude futures LCOc1 were down 9 cents, or 0.1%, at $92.16 by 0104 GMT, while U.S. West Texas Intermediate crude CLc1 was up 1 cent at $85.02 a barrel.
Both contracts fell more than 2% on Monday, with U.S. crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks.
Shipping incident and U.S. reserve draw add to backdrop
Highlighting those threats, an oil tanker was struck on Tuesday by an unidentified projectile and disabled about 9 nautical miles (16.7 km) northeast of Oman's Ash Shishah, the United Kingdom Maritime Trade Operations said.
