Oil prices edge up on Iran sanctions concerns and Hormuz shipping risks

BAGHDAD, Iraq — Oil prices rose on Tuesday as investors weighed the impact of expanded US sanctions on Iran and supply risks in the region. Brent crude gained 0.1% to $92.16 a barrel, while West Texas Intermediate added 21 cents to $85.02, recovering from a session the previous day in which prices had fallen more than 2%. Traders were assessing how the new US measures could affect Iranian oil exports. Supply concerns were compounded by reports of an attack of unknown origin on an oil tanker off Oman, while concerns over maritime traffic through the Strait of Hormuz persisted. The waterway previously carried shipments equivalent to roughly 20% of global oil consumption before recent conflicts disrupted flows. US strategic petroleum reserve crude stocks fell by about 3.7 million barrels to 289.7 million barrels, described as the lowest level recorded since November 1982.