Oil prices rise as markets assess impact of US sanctions on Iran, Russia

15/03/2025 Argaam

Oil prices rise, Brent crude above $70

Oil drilling rigs

Oil prices climbed on Friday as markets evaluated the potential impact of tightened US sanctions on Iran and Russia on global crude supply.

 

At settlement, Brent crude futures for May delivery rose 1%, 70 cents, to $70.58 a barrel, posting a weekly gain of 0.3%.

 

Meanwhile, US WTI crude futures for April delivery increased 0.95%, 63 cents, to $67.18 a barrel, marking a weekly rise of 0.2%.

 

Data from Baker Hughes showed that the US oil rig count increased by one rig to 487 for the week ending March 14.

 

This comes after the US Treasury Department announced sanctions on March 13, targeting Iranian Oil Minister, Mohsen Paknejad, along with several shipping companies. Additionally, reports indicated that the U.S. has tightened sanctions on Russia by restricting energy-related payments.

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