The crude oil market displayed uncertainty during Tuesday's trading session, eventually closing slightly lower. The price of crude slipped marginally, down $0.25 or 0.3 percent to $85.41 a barrel on Monday. On Tuesday, May delivery crude oil saw a further decrement, dropping by $0.05 or 0.1 percent to $85.36 a barrel.
This unpredictable trading day was influenced by Treasury Secretary Janet Yellen's remarks regarding the United States' plan on imposing fresh sanctions on Iran. This comes as a response to Iran's recent weekend attack on Israel. Yellen commented, "Unmistakably, Iran persists in exporting oil. There might be additional measures we could implement. Although I do not wish to give away our sanctions strategy, it is an area we're certainly considering."
Meanwhile, traders anxiously anticipate Israel's reaction to Iran's unprecedented drone and missile attacks, which were mainly thwarted.
