Crude Oil is trading today in the European session above the $82 level.
Even as tensions between Israel and Iran in the West Asian region appeared to ease, crude oil futures saw an increase on Tuesday.
While market anxieties about a possible escalation diminished due to Iran's lack of immediate retaliation to an Israeli attack on Friday, the introduction of new US sanctions on Iran's oil sector, extending to foreign ports, vessels, and refineries handling Iranian crude, prompted a positive market response.
Given Iran's significant role as a global oil producer, these sanctions have notable effects on supply dynamics. Furthermore, investors are eagerly awaiting US economic data releases as they will provide valuable insights into global crude oil demand.