Oil Pares Weekly Loss as US Sanctions Offset Bleak IEA Outlook

Bloomberg · last updated March 14, 2025 – 4:08 AM

Oil advanced as the US tightened sanctions against Iran and Russia, countering some of the slump triggered by a dour demand forecast from the International Energy Agency on Thursday.

Brent rose above $70 a barrel, supported by signs of reprieve also in US equity markets. The White House imposed sanctions on Iran’s oil minister and on more companies and vessels used by the OPEC member, while also restricting payment options for Russian energy.

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