Oil pared losses on speculation that US President Donald Trump will impose tighter sanctions on Iran, which could threaten the country’s crude exports.
West Texas Intermediate was little changed near $73 a barrel after earlier tumbling as much as 3.4%. Ahead of Trump’s meeting with Israeli Prime Minister Benjamin Netanyahu , market participants are speculating that Trump may return to a maximum pressure campaign against Iran, an idea that was echoed by his pick for national security adviser ahead of his inauguration.