Oil prices steady as US sanctions hit Iranian oil exports
Oil prices stayed pretty stable in Asia on Wednesday, right after the US hit several companies with sanctions for smuggling Iranian oil disguised as Iraqi.
Prices had jumped over 1% the day before, but now Brent crude is at $69.13 a barrel and US crude at $65.63.
Everyone's watching to see if the OPEC+ meeting on September 7 will bring any production changes, though analysts expect none.
Factors at play for oil prices
Besides the sanctions, oil prices are holding steady because US crude stockpiles are expected to drop by about 3.4 million barrels, according to a Reuters poll.
On the flip side, weak US economic data—like six months of slow manufacturing—could mean less demand for oil ahead.
Plus, China just held a huge military parade with leaders like Xi Jinping, Vladimir Putin, and Kim Jong Un attending—a reminder that global tensions are still shaping energy markets this year.