Oil Prices Rise Slightly Amid U.S. Sanctions on Iran

Oil prices edge higher on friday after new sanctions on Iran’s crude exports, yet mark third consecutive weekly decline

Brent crude increased by 37 cents to settle at $74.66/barrel.

WTI dropped by 39 cents to close at $71.00/barrel.

The US Treasury announced on Thursday that it had imposed new sanctions on several individuals and tankers involved in transporting millions of barrels of Iranian crude oil annually to China. This measure, aimed at increasing pressure on Tehran, provided short-term support to oil market amid concerns over potential supply disruptions in the world's largest oil importer country.

However, the 3rd weekly decline was driven by news surrounding tariffs, with growing concerns that an escalating trade war and additional US tariffs on Chinese goods could further weaken the economy, reducing global oil demand amid heightened volatility.

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Written by: Muhammad Hafiz