• Brent crude rose above $72 per barrel
• US sanctions target Chinese refiner over Iran oil
• OPEC+ to cut up to 435,000 bpd until 2026
• Geopolitical risks add uncertainty to markets

Brent crude futures surpassed $72 per barrel.

Supply disruptions and geopolitical instability persist as key drivers of market fluctuations

Oil prices climbed on Friday and may be on set for a second consecutive weekly increase, as heightened supply concerns arose from new US sanctions on Iran and OPEC+ production reductions.

The US Treasury introduced fresh sanctions targeting a Chinese refiner, signaling a tougher stance on limiting Iranian crude exports (potentially by 1 million barrels per day).

At the same time, OPEC+ revealed plans to curb output for seven member states, cutting up to 435,000 barrels per day monthly until June 2026 to compensate for previous excess production.

Rising geopolitical tensions – including Israel’s intensified military operations in Gaza and continued US strikes on Houthi militants further contributed to increased risk premiums in oil markets.

Although OPEC+ has reaffirmed its commitment to a long-term production strategy, it remains to be seen whether all members will fully comply with the agreed terms.

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