Oil rises on possible Iran sanctions and declining Venezuelan output
The price gains are built on likely US sanctions against Iran, but soaring US crude output and exports are holding the market back
London — Oil rose on Thursday, supported by the expectation of renewed US sanctions on Iran, declining output in Venezuela, and continuing strong demand. Brent crude oil futures were last up 90c at $74.90 a barrel at 12.04pm GMT, while US West Texas Intermediate (WTI) crude futures gained 66c to $68.71 a barrel. The oil price has risen by 15% in the last four weeks, thanks to expectations that the US will re-impose sanctions on Iran, a major oil producer and member of oil cartel Opec. French President Emmanuel Macron said on Wednesday that he expected US President Donald Trump to pull out of a deal with Iran reached in 2015 in which the Islamic Republic suspended its nuclear programme in return for Western powers lifting crippling sanctions. Trump will decide by May 12 whether to restore US sanctions on Tehran, which would probably result in a reduction of Iranian oil exports. "Geopolitical concerns in the Middle East, together with Venezuela’s deteriorating macro-economic situation...
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