On Tuesday 25th of Feb 2025, saw a 2nd day of oil price increases as the United States slapped new sanctions on Iran, a Middle Eastern supplier, raising fears that supplies might become more limited. By (0217 GMT), Brent oil futures had increased (38 cents, or 0.51%, to $75.16) a barrel. At ($71.13) a barrel, …
Oil Prices Surge For 2nd Day Amid US Sanctions On Iran & Supply Concerns
On Tuesday 25th of Feb 2025, saw a 2nd day of oil price increases as the United States slapped new sanctions on Iran, a Middle Eastern supplier, raising fears that supplies might become more limited.
By (0217 GMT), Brent oil futures had increased (38 cents, or 0.51%, to $75.16) a barrel. At ($71.13) a barrel, U.S. West Texas Intermediate oil futures increased (43 cents, or 0.61%). Following a ($2) decline on Friday 21st of Feb, both futures saw gains in Monday’s session.
According to a statement from IG market analyst Tony Sycamore, WTI is searching for a foundation in the support area around ($65 and $70) per barrel. “There will be a recovery if it holds above here.”
America Impose Taxes On Different Sectors
Over thirty energy brokers, tanker operators, and shipping firms were subject to further penalties imposed by the United States on Monday for their involvement in the transportation of Iranian oil.
Also Read: Trump’s Peace Talks With Putin Spark Global Concerns
As per President Donald Trump, he wants to stop Iran from exporting any oil. According to a Reuters analysis of OPEC production, Iran pumped (3.2 million) barrels per day in January, ranking 3rd among the Organization of the Petroleum Exporting Countries.
However, the unclear demand picture is limited. Despite attempts by the (2) trading partners to address Trump’s worries about border security and fentanyl, U.S. President Donald Trump stated Monday that tariffs against imports from Canada and Mexico, which are set to begin on the fourth of March, are “on time and completely on schedule.”
The taxes, according to analysts, would be unfavorable to the expansion of the world’s oil consumption. In an example of President Trump’s shift toward Russia, U.S. officials avoided attending Ukraine’s celebration of the 3rd anniversary of Moscow’s invasion, which was attended by European leaders. Trump’s improving ties with Moscow have been seen by the market as a possible indicator that sanctions against Russia may be loosened, increasing the world’s supply of oil.
