Oil price today: Brent crude stays above $90 as Middle East standoff intensifies

Amidst a backdrop of fresh US sanctions on Iran, oil prices held firm as investors calculated the implications. The atmosphere grew tense after an oil tanker encountered damage near Oman’s shores. With the US tightening its sanctions to curtail Iran’s financial resources, analysts remarked that economic pressures allayed concerns over potential Middle Eastern oil supply interruptions, coinciding with US crude reserves reaching their lowest tier since 1982.