Futures contracts for crude oil remained stable on Tuesday (April 16) as the US prepares new sanctions targeting Iran's oil exports following an attack on Israel.

At the close of trading on April 16, WTI crude oil contracts fell by 5 cents to $85.36 per barrel. Brent crude contracts lost 8 cents, settling at $90.02 per barrel.

US Treasury Secretary Janet Yellen stated: 'Clearly, Iran continues to export some oil. There may be more we can do. I don't want to preempt our actual sanctions actions, but it's certainly something we can address.'

So far, the oil market's reaction to Iran's attack has been relatively subdued, with futures contracts declining on April 15 after Israel and the US successfully repelled Iran's attack.

Jorge Leon, Senior Vice President at Rystad Energy, commented: 'Tensions are high and it's hard to predict the next moves from both sides, but all key signs point towards easing tensions and short-term restraint.'

Source: Vietstock