Oil Gains Momentum Amid Tighter Supply Outlook

Oil prices advanced this week, reflecting heightened market tension over sanctions and supply adjustments. The United States imposed sanctions targeting 35 entities and vessels involved in the transportation of Iranian oil, amplifying concerns about disruptions to global crude flows. These measures are aligned with broader geopolitical strategies and have tightened the availability of oil from one of the key suppliers.

Simultaneously, OPEC+ appears to be navigating complex internal negotiations, with signs of progress toward extending the delay on restoring previously curtailed output. Such a move, reportedly under discussion, could push the revival of oil production back by three months, reflecting efforts to stabilize prices amidst mixed demand signals. Brent crude climbed to hover near $74 per barrel, while West Texas Intermediate settled just below $70, marking a strong finish for the week.