Oil Prices Rise As Fresh US Sanctions Against Iran Jolt Crude Market

Oil rose for a second day after the Trump administration imposed new sanctions on flows of Iranian oil, framing the move as a return to a strategy of maximum pressure against Tehran.

West Texas Intermediate rose toward $71 a barrel after adding 0.4% on Monday, while Brent crude closed near $75. The US slapped fresh curbs on brokers, ships and individuals that it said were linked to illicit shipments of Iranian crude, targeting 22 people and 13 vessels located in places including the United Arab Emirates, Hong Kong, India and China.

Crude has had a rocky start to the year, first rising on cold weather and an earlier round of sanctions from the US, then falling over tariff concerns after US President Donald Trump took office. Levies that are scheduled to hit Canada and Mexico next month — moves that could potentially ensnare shipments of crude, raising costs — were still “on time,” Trump said in a press conference.

Beyond Iran, traders are contending with a host of supply issues. While OPEC and its allies are widely expected to delay raising output once again, Iraq is pushing to restart pipeline flows from Kurdistan, and negotiations over ending the war in Ukraine may impact shipments of Russian crude.

In London, the International Energy Week conference will begin later Tuesday, with speakers including the International Energy Agency’s Fatih Birol and executives from a range of energy majors set to offer more on the outlook.

Prices:

• WTI for April delivery rose 0.2% to $70.86 a barrel at 8:02 a.m. in Singapore.

• Brent for April settlement closed 0.5% higher at $74.78 a barrel on Monday.