Crude Retreats Below $83; U.S. Senate Targets Iranian Oil with New Sanctions U.S. crude oil prices dropped back below $83 per barrel, reversing gains from a previous 2% rally as the market anticipates upcoming U.S. petroleum inventory data. The focus in the oil market has shifted back to supply and demand fundamentals, as geopolitical tensions between Israel and Iran, which previously influenced the market, have eased. Additionally, the U.S. Senate has approved a foreign aid package that includes expanded sanctions against Iranian oil, targeting entities involved in its transportation and processing. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Strong U.S. December Job Growth Questions Potential March Fed Rate Cut READ MORE Modest Inflation Increase Won't Derail Fed's Easing Strategy READ MORE Economic Slowdown and Rising Inflation Cast Doubt on Soft-Landing Prospects READ MORE Canada Tightens Grip on Critical Minerals Sector, Raising Bar for M&A Approvals READ MORE Dollar Strengthens Ahead of Crucial Economic Indicators, Bank of Canada Meeting READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment