Crude Prices Hold Below $100 As Markets Fear Fed’s Actions

U.S. West Texas Intermediate crude oil futures are trading lower as investors braced for the possible return of sanctioned Iranian oil exports to global markets and on worries that rising U.S. interest rates would weaken fuel demand. On a positive note, despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, worries about oil demand destruction eased this week, putting the benchmark oil contract on track for gains of around 2% on the week. Negatively speaking, however, traders are worried about an Iran…