US Hits Iran Oil Exports With New Sanctions After Israel Attack, Crude Oil Holds Steady At $75
Portfolio Pulse from Piero Cingari
The U.S. Treasury Department has imposed new sanctions on Iran's petroleum and petrochemical sectors following Iran's attack on Israel. These sanctions aim to cut off revenue for Iran's destabilizing activities. Despite the sanctions, crude oil prices remained stable, with WTI light crude slightly down.
October 11, 2024 | 7:59 pm
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The United States Oil Fund (USO), which tracks WTI light crude, saw a slight decrease of 0.42% to $77.46 per barrel despite new sanctions on Iran's oil sector. The fund is on track for a flat weekly performance after last week's 8% surge.
The new sanctions on Iran's oil sector could have led to increased oil prices, but the market remained stable. USO, which tracks WTI crude, only saw a slight decrease, indicating that the sanctions did not have a significant immediate impact on oil prices.
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