(Bloomberg) -- Oil edged higher as investors assessed a fresh wave of US sanctions on Iranian oil, and the Trump administration’s latest trade salvos.
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Brent was above $75 a barrel after a small gain on Monday, while West Texas Intermediate was near $71. The US slapped more curbs on brokers, ships and individuals that it said were linked to illicit shipments of Iranian crude. While the additions were limited, they follow a slew of other measures.
Crude has had a rocky start to the year, first rising on cold weather and an earlier round of sanctions from the US, then retracing gains after President Donald Trump took office and initiated plans for tariffs. Among them, levies set to hit Canada and Mexico next month — moves that could potentially ensnare energy — were still “on time,” Trump told a press conference.
“The market is keeping a close eye on fresh US sanctions against Iran” with the fallout still unclear, said Soni Kumari, commodity strategist with ANZ Group Holdings in Bengaluru, India. Still, “there are offsetting factors for sanctions against Iran, which will cap the upside” including issues around supply, she said.
Beyond Iran, traders are contending with a series of other supply issues. While OPEC and its allies are widely expected to delay raising output once again, Iraq is pushing to restart pipeline flows from Kurdistan, and negotiations over ending the war in Ukraine may impact shipments of Russian crude.
While talking about reviving a so-called maximum pressure campaign against Iran, the Trump administration has more broadly signaled that it favors cheaper crude. That has included moves to encourage higher domestic production, as well as calling on OPEC+ to cut prices.
In London, the International Energy Week conference will begin later Tuesday, with speakers including the International Energy Agency’s Fatih Birol and executives from a range of energy majors set to offer more on the outlook.
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