Oil prices stabilize after previous day's sharp decline

Oil prices stabilized on Tuesday following a notable decline in the previous session, as traders assessed new US sanctions against Iran announced by US Treasury Secretary Scott Bessent.

According to trading data, October Brent crude futures on London's ICE Futures exchange fell 0.16% to $92.02 per barrel.

October WTI crude futures on the New York Mercantile Exchange's electronic trading session declined 0.07% to $84.95 per barrel.

On Monday, Bessent announced that the United States was imposing sanctions on more than 60 organizations, individuals and vessels as part of efforts to increase pressure on Iran.

The measures are aimed at isolating Iran from the global economy and cutting off potential sources of funding for the Islamic Revolutionary Guard Corps.

Traders are closely monitoring the potential impact of the new sanctions on Iranian oil exports and broader global supply conditions.