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Oil prices posted modest gains on Thursday, 6 March 2025, as markets reacted to erratic shifts in US trade policies and signals of intensified restrictions on global crude exports. 

Brent crude rose 16 cents, or 0.2%, to settle at $69.46 a barrel.

WTI edged up 5 cents, or 0.1%, to close at $66.36 a barrel.

Providing some relief to markets, the US government announced a temporary exemption for Canadian and Mexican goods from recently imposed 25% tariffs. Meanwhile, discussions persisted regarding the potential removal of a 10% duty on Canadian energy imports. 

Meanwhile, market sentiment found additional support as the US signaled a review of sanction waivers on Iranian crude exports, hinting at stricter enforcement. This suggested a possible counterbalance to Iran’s planned output hikes, particularly as the nation recently announced it would resume exporting via the Iraq-Turkey pipeline.

Written by: Derek Yong