Oil drilling rigs
Oil prices rose on Friday as the US tightened sanctions against Iran, in addition to ongoing trade tensions. 
The White House imposed sanctions on Iran’s oil minister as well as companies and vessels involved in transporting crude oil from the OPEC member state.
Brent crude futures for May delivery rose 0.69%, or $0.48, to $70.36 a barrel, at 9:21 am Makkah time.
Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for April delivery also increased 0.83%, or $0.55, to $67.1 a barrel.
Global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said on Thursday, due to growth led by the US and weaker than expected global demand.
ANZ analysts said most price projections are to the downside over the short-term, but geopolitical tensions could still cause disruptions in supply.
Oil drilling rigs
Oil prices rose on Friday as the US tightened sanctions against Iran, in addition to ongoing trade tensions.
The White House imposed sanctions on Iran’s oil minister as well as companies and vessels involved in transporting crude oil from the OPEC member state.
Brent crude futures for May delivery rose 0.69%, or $0.48, to $70.36 a barrel, at 9:21 am Makkah time.
Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for April delivery also increased 0.83%, or $0.55, to $67.1 a barrel.
Global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said on Thursday, due to growth led by the US and weaker than expected global demand.
ANZ analysts said most price projections are to the downside over the short-term, but geopolitical tensions could still cause disruptions in supply.
