FX.co ★ Oil Edges Up on New Iran Sanctions

WTI crude oil futures experienced a modest increase, reaching $67 per barrel on Friday, following recent actions by the United States to tighten restrictions on Iranian oil trade, thereby intensifying pressure on Tehran. On Thursday, the US Treasury and State Departments introduced new sanctions targeting a network of entities and a so-called "shadow fleet" of vessels involved in the facilitation and export of Iranian crude oil. However, these gains were tempered by the anticipation that OPEC+ will decide to reintroduce an additional 411,000 barrels per day in August during their meeting on Sunday. This move could exacerbate an expected surplus later in the year. On the trade front, the recent agreement between the US and Vietnam provided some support to crude prices, yet overall tariff uncertainties remain due to the lack of secured trade deals with major partners such as the EU and Japan, especially with the July 9 deadline for tariff pauses looming. For the week, WTI crude is positioned to report a gain exceeding 2%, recovering from its most significant weekly drop in over two years.