Oil rises for second week as US sanctions, OPEC+ cuts tighten outlook
Shafaq News/ On Friday, oil pricesclosed slightly higher and recorded a second weekly gain, supported by fresh USsanctions on Iran and new OPEC+ output adjustments.
Brent crude rose three cents tosettle at $72.03 a barrel, while US West Texas Intermediate (WTI) added 14cents, or 0.2%, to $68.21. Brent gained more than 2% on the week and WTI about1.7%, the largest weekly rises since early January.
The US Treasury announced sanctionson several entities and vessels involved in Iranian oil shipments, including aChinese “teapot” refinery Washington described as a “lifeline” to Tehran’sexport flows. It was the fourth round of measures since former President DonaldTrump pledged in February to apply “maximum pressure” on Iran.
Meanwhile, OPEC+ members introduceda dual-track approach: seven producers agreed to additional cuts ranging from189,000 to 435,000 barrels per day (bpd) through mid-2026, while eight othersplan to increase output by 138,000 bpd from April.
ANZ Bank forecast Iranian exportscould drop by 1 million bpd under the new restrictions. Kpler data showedIranian crude exports exceeded 1.8 million bpd in February.
Traders and analysts said the movessupported prices but warned of uneven compliance. Kazakhstan, for example,exceeded its OPEC+ quota in March amid oil field expansions.
