Iran sanctions send oil lower as war-risk fades
Oil falls to a one-week low after Washington unveils its most sweeping sanctions campaign against Iran on record, while traders price lower odds of renewed conflict.
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Oil falls to a one-week low after Washington unveils its most sweeping sanctions campaign against Iran on record, while traders price lower odds of renewed conflict.
Crude oil rose to $81.8 a barrel on Friday and is up nearly 5% this week as the US steps up economic pressure on Iran and the IEA warns of a deeper global supply deficit.
Crude oil rose above $82 a barrel on Friday, gaining more than 5% for the week as US actions pressure Iran over Strait of Hormuz reopening, with further announcements expected next week.
Brent crude rises above $88 a barrel and is set for a more than 5% weekly gain as the US increases economic pressure on Iran over the Strait of Hormuz.
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Strait of Hormuz full reopening arrangements may be announced soon
Strait of Hormuz reopening announcement due
Strait of Hormuz to reopen
President Donald Trump escalated his pressure campaign on the energy sector Monday, posting on Truth Social that oil companies must “get your consumer (retail!) Oil Prices DOWN, NOW!” The comments followed Chevron Corp. (NYSE: CVX ) CEO Mike Wirth ‘s interview with Fox Business, in which Wirth detailed the company’s st