(Bloomberg) -- Oil advanced as the US tightened sanctions against Iran and Russia, countering some of Thursday’s slump following a dour demand forecast from the International Energy Agency.
Most Read from Bloomberg
Brent rose to above $70 a barrel after sliding 1.5% in the prior session, and West Texas Intermediate was near $67. The White House imposed sanctions on Iran’s oil minister and on more companies and vessels used in the transport of the OPEC member’s crude, while also restricting payment options for Russian energy.
The decline on Thursday came after the IEA said a supply surplus is set to deepen as an escalating trade war pressures demand at the same time that OPEC+ is reviving output. WTI is within a whisker of logging an eighth weekly loss, in what would be the longest stretch since August 2015, as global benchmark Brent is close to a fourth weekly drop.
“Looser balances in the second half of the year should see Brent crude push back toward $70 a barrel by year-end,” ANZ Group Holdings Ltd. analysts Daniel Hynes and Soni Kumari said in a note. There’s some short-term bullishness as “tariffs on Canadian crude and rising disruptions to supply from Iran and Venezuela keep the market tight.”
To get Bloomberg’s Energy Daily newsletter in your inbox, click here.
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。