Oil at $ 67.96 a barrel as a result of US sanctions on Iran

Oil prices increased today, Thursday, with more than 3%, supported by hopes of reaching a trade agreement between the United States and the European Union, amid increasing fears of supplies after Washington imposed additional sanctions to reduce Iranian oil exports.

Brent crude futures increased 3.2% to $ 67.96 a barrel, while US West Texas Intermediate crude rose 3.54% to $ 64.68 a barrel.

Mezoho Bob Yoger said that reaching a commercial deal with the European Union may limit the impact of Trump customs duties on the demand.

The week witnessed an increase in the prices of the two children by approximately 5% to record their first weekly increase in three weeks, and the rise comes in light of the optimism of US President Donald Trump and Italian Prime Minister Georgeta Meloni regarding the reduction of trade tension between the United States and Europe, and Trump pointed to his confidence in concluding a trade deal with Europe easily.

The Trump administration imposed new sanctions targeting Iranian oil exports, including a small refinery in China, as part of efforts to pressure Tehran during negotiations on its nuclear program, and Washington imposed additional sanctions on a number of companies and ships that it said was responsible for facilitating the arrival of Iranian oil shipments to China.

According to John Kedaf of the Agein Capital, the various sanctions focus on small ranks in China, which contributes to reducing supplies from the market.

OPEC has also announced that it has received updated plans from countries such as Iraq and Kazakhstan to make additional production cuts to compensate for the agreed stakes. While international agencies and banks have reduced their expectations on demand growth and oil prices, affected by the unrest resulting from American customs duties and international reactions on them.