Oil prices rebound as new Iran sanctions fuel more supply concerns
NEW YORK (Reuters) – Oil prices rebounded from earlier losses after the United States announced new sanctions on Iran, and as supply concerns remain at the forefront for energy markets that have seen prices soar throughout the year.
The market had been lower earlier as interest rate hikes in the United States, Britain and Switzerland fed concerns about a slowdown in global economic growth.
Brent crude futures were down 45 cents, or 0.4%, to $118.07 as of 12:21 p.m. EDT (1621 GMT) while West Texas Intermediate (WTI) crude futures rose 27 cents to $115.55 a barrel.
Analysts said the decision by the United States to impose sanctions on Chinese, Emirati and Iranian firms that help export Iran’s petrochemicals boosted buying, as it underscores the difficulty of a revival of the 2015 U.S.-Iran nuclear accord.
