Oil prices linger at 3-week lows amid reduced Iran worries

Tuesday sees oil prices remain at more than 3-week low as Iranian crude supply fears fade

Oil prices dipped on Tuesday, with Brent crude futures slipping below $87 a barrel, after posting their lowest close in almost a month during the previous session.

West Texas Intermediate (WTI) crude for June delivery decreased by 54 cents, or 0.6%, landing at $81.38 a barrel on the New York Mercantile Exchange.

Similarly, June Brent crude futures, the international oil benchmark, dropped 49 cents, or 0.6%, to $86.51 a barrel, recording its lowest close since March 27, as per Dow Jones Market Data.

May gasoline prices declined by 0.9% to $2.66 a gallon, while May heating oil decreased by 0.8% to $2.55 a gallon.

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Bloomberg reports fresh US sanctions on Iran will have limited impact on crude supply

Brent crude traded below the $87 mark and WTI stayed below $82 on Tuesday morning after Bloomberg reported that recent U.S. sanctions aimed at vessels and refineries involved with Iranian oil shipments would have a limited impact on crude supply.

Last Thursday, the U.S. and U.K. announced a new set of sanctions against Iran amid growing concerns that Tehran's unprecedented assault on Israel could escalate into a broader regional conflict across the Middle East.

However, market analysts suggest that the Biden Administration may not enforce these restrictions stringently in an election year, potentially using waivers to mitigate the effects on the oil price, Bloomberg noted on Monday.

Analysts say oil prices may see support from “simmering” geopolitical fear

Tom Essaye, founder of Sevens Report Research, commented to MarketWatch that there remains a "simmering" geopolitical fear in the oil markets, keeping futures above the $80 per barrel mark. He noted that this fear is likely to persist until a "more formal” ceasefire is established in the Middle East.

Despite geopolitical risks, Essaye highlighted in a Tuesday client note that the prospect of sustained higher interest rates also poses a future risk to demand. That being said, most recent economic data remains robust, supporting the case for oil futures to sustain prices above $80 in the near term.

As of 13:20 GMT on Tuesday, oil prices remained subdued, with the WTI front-month contract on the NYMEX trading down 0.77% at $81.23, while Brent crude futures for June delivery were down 0.76% at $86.34 on the ICE Futures Europe market.

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