Crude Oil is trading today in the Asian session above the $82 level.
Despite easing tensions between Israel and Iran in the West Asian region, crude oil futures rose on Tuesday.
Market concerns about potential escalation eased as Iran didn't retaliate immediately to an Israeli attack on Friday. However, the market reacted positively to new US sanctions on Iran's oil sector, extending to foreign ports, vessels, and refineries handling Iranian crude.
With Iran being a major global oil producer, these sanctions impact supply dynamics.
Additionally, investors await US economic data releases and Purchasing Managers Index data from major economies, which will offer insights into global crude oil demand.