Overview

• Brent crude rose to $66.32 per barrel and WTI reached $63.02, marking their first weekly gain in three weeks.
• The U.S. imposed new sanctions targeting Iranian oil exports, including measures against a China-based refinery, increasing supply concerns.
• OPEC announced plans for further output cuts from Iraq, Kazakhstan, and others to address overproduction beyond agreed quotas.
• The International Energy Agency revised its global oil supply growth forecast downward by 260,000 barrels per day for 2025.
• Despite the price recovery, analysts highlight ongoing risks from global trade tensions and reduced demand growth projections.