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Oil Prices Climb as U.S. Sanctions on Iran and OPEC Cuts Tighten Supply

Global benchmarks see two-week highs with Brent at $66 and WTI at $63, while demand concerns from trade tensions and weak growth forecasts temper gains.

A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, U.S. February 18, 2025. REUTERS/Eli Hartman/File Photo
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Overview

  • The U.S. imposed new sanctions targeting Iran's oil exports, including measures against a China-based refinery, intensifying pressure on Tehran's oil trade.
  • Brent crude reached $66.41 per barrel and WTI hit $63.19, marking their highest levels since April 3 and the first weekly gain in three weeks.
  • OPEC announced updated plans for Iraq, Kazakhstan, and others to implement further output cuts to address quota overproduction and stabilize markets.
  • Chinese crude imports surged to a 20-month high of 12 million barrels per day in March, partially offsetting global demand concerns.
  • The International Energy Agency warned of the weakest global oil demand growth since 2020, driven by U.S.-China trade tensions and economic uncertainty.