Oil prices edged higher amid US sanctions on Iran but posted third weekly decline
Oil prices edged higher on Friday following the imposition of new US sanctions targeting Iran’s crude exports but remained on track for a third consecutive weekly decline.
Oil prices edged higher on Friday following the imposition of new US sanctions targeting Iran’s crude exports but remained on track for a 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 new sanctions against individuals and tankers involved in transporting millions of barrels of Iranian crude annually to China. While the move aimed to increase pressure on Tehran, it provided only limited and short-term support to the oil market, as concerns over potential supply disruptions in the world’s largest oil-importing nation were overshadowed by broader economic risks.
The prevailing downward trend was fuelled by escalating trade tensions, with fears that additional US tariffs on Chinese goods could further strain the global economy. Amid heightened volatility, concerns over weakening demand prospects continued to weigh on market sentiment.
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Written by: Muhammad Hafiz