Price at the Pump: Oil Prices Hold Following New Sanctions

Oil futures moved higher Monday, after the United States imposed fresh sanctions on Iran.  The U.S. new sanctions on more than 30 brokers, shipping companies and tanker operators for their role in transporting Iranian oil.  According to Reuters, Iran is the third-largest producer in OPEC+, pumping 3.2 million barrels per day in January.

Traders also weighed prospects for talks aimed at ending Russia’s war against Ukraine.

With all of that, West Texas was trading flat to slightly lower Tuesday morning, at $70 per barrel, while Brent was lower by about 0.1%, around $74 per barrel. 

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