Oil prices edged higher amid fresh Iran sanctions and trade uncertainty
Meanwhile, Washington’s plan to reinstate tariffs on Canadian and Mexican imports—once the current suspension expires in March—has heightened concerns over potential disruptions to energy flows across North America.
Crude oil prices posted modest gains on Monday, February 24, 2025, as the United States imposed new sanctions targeting Iran’s oil exports while looming trade restrictions on Canada and Mexico fuelled uncertainty in global markets.
Brent crude increased by 35 cents to settle at $74.78/barrel.
WTI rose by 30 cents to close at $70.70/barrel.
The latest round of US sanctions aims to further strangle Iran’s petroleum trade by targeting entities involved in brokering, shipping, and transporting Iranian crude. These measures add to the already stringent restrictions on Tehran, exacerbating supply-side constraints in the market.
Meanwhile, Washington’s plan to reinstate tariffs on Canadian and Mexican imports—once the current suspension expires in March—has heightened concerns over potential disruptions to energy flows across North America.
Adding to supply-side tensions, Iraq has pledged to curb output in the coming months after exceeding its OPEC+ production quota. The country announced that once exports resume, shipments from Kurdistan’s oil fields will be capped at 185,000 barrels per day via the Iraq-Turkey pipeline—a measure aimed at aligning with OPEC+ commitments.
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Written by: Muhammad Hafiz