Oil turns volatile amid Middle East tensions and Iran sanctions

Crude oil fell toward $84 per barrel on Tuesday, extending losses as intensified US economic pressure on Iran and its trading partners heightened uncertainty over global oil flows. The dollar steadied near 99 amid safe-haven demand, while investors awaited US PCE inflation data and Fed Chair Kevin Warsh?s Jackson Hole speech for fresh policy cues. Meanwhile, uncertainty over whether the latest measures will accelerate a resolution to the US-Iran conflict or delay the full reopening of the Strait of Hormuz kept oil markets cautious. MCX crude oil futures declined 0.7% to ₹8,081 per barrel.

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