Oil prices rose on Friday following the imposition of new U.S. sanctions on Iran’s crude exports, but declined for the week as concerns over President Donald Trump’s escalating trade war with China and potential tariffs on other countries weighed on the market. Brent crude settled at $74.66 per barrel, up $0.37 (0.5%), while WTI closed at $71.00 per barrel, gaining $0.39 (0.55%). Despite the daily increase, Brent fell over 2% for the week.
Traders tempered gains due to uncertainty surrounding Trump’s tariff policies, which continue to impact global economic sentiment. WTI remains near $70 per barrel, a level seen as a key support point. Analysts note that while sanctions typically create bullish conditions for oil, persistent concerns about weakening demand due to trade tensions have kept prices in check.
On Thursday, oil prices had declined after Trump reiterated his commitment to boosting U.S. production, unsettling markets that were already reacting to an unexpectedly large build in U.S. crude inventories. The U.S. Treasury’s latest sanctions targeted individuals and tankers involved in transporting Iranian oil to China, signaling incremental pressure on Tehran.