Oil prices rose as the US intensified efforts to curb Iran’s crude exports, pressuring Tehran amid nuclear deal negotiations.WTI climbed 1.6% above $68, while Brent settled at $72. The US sanctioned a Chinese refinery, its CEO, and several vessels linked to Iran’s oil trade.
The measures signal a return to the “maximum pressure” strategy, with Trump giving Iran a two-month deadline for a new nuclear deal.The US crackdown on Iran’s exports could remove up to 1.5 million bpd from markets, says Rystad Energy.Analyst Rebecca Babin expects only a slight oil price rise, given Trump’s two-month deadline for Iran.Sanctions added bullish sentiment amid market uncertainty over Fed rate cuts.
Crude remains below its January peak as a trade war threatens demand and OPEC plans to raise output in April.Kazakhstan, Iraq, and Russia pledged extra cuts to balance the planned production hike.The US may extend Chevron’s Venezuela deadline by 30 days, easing supply concerns.
