Oil prices edged higher in Asian trading on Friday after the U.S. imposed fresh sanctions on Iranian oil, but both Brent and WTI crude were set for weekly losses amid supply concerns.
Brent crude futures for May delivery rose 0.4% to $70.16 per barrel, while West Texas Intermediate (WTI) gained 0.5% to $66.58 per barrel. Despite these gains, both benchmarks were on track for a 0.3% weekly decline following a more than 1% drop in the previous session, driven by trade tensions and oversupply worries.
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions targeting Iran’s Oil Minister Mohsen Paknejad and entities linked to Iran’s “shadow fleet,” which allegedly uses deceptive tactics to evade existing oil sanctions. The move is part of Washington’s ongoing effort to curb Tehran’s oil revenues and limit its regional influence.
Oil prices also found support from softer-than-expected U.S. inflation data for February, raising hopes that the Federal Reserve may pause interest rate hikes.
Meanwhile, traders are weighing the impact of Russia-Ukraine ceasefire negotiations, which could boost global oil supplies if successful. The International Energy Agency (IEA) forecasts an oversupplied market by 2025, citing weakening demand growth amid escalating trade tensions.
Adding to supply pressures, OPEC+ plans to gradually roll back voluntary production cuts from April 2025. In February, the alliance's oil production rose by 363,000 barrels per day to 41.01 million bpd.
While geopolitical risks support oil prices, concerns over excess supply and slowing demand continue to pressure the market.
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