Oil Market Update
Brent crude oil prices increased by 50 cents, reaching $74.70 per barrel on the New York Mercantile Exchange.
In addition, Texas light sweet crude rose to $71.20 per barrel.
However, on Monday, global oil prices experienced a decline of more than $2 per barrel, primarily due to potential increases in oil exports from the Kurdistan Region. This setback was contrasted by the impact of U.S. sanctions against 30 ships and oil companies involved in the smuggling of Iranian oil, which exerted upward pressure on oil prices.
U.S. President Donald Trump has expressed his intent to reduce Iranian oil exports to zero.
As one of OPEC’s largest oil producers, Iran produced 3.2 million barrels per day in January.
Moreover, President Trump has announced the imposition of tariffs on Mexico and Canada, a move that analysts believe could adversely affect oil prices.
