Oil prices firm, but market worries Iran sanctions are already priced in
Declines could come if fresh US sanctions do not materialise, or are less severe than expected, with a rising US rig count adding to downward pressure on prices
Singapore — Oil prices firmed slightly on Wednesday, supported by concern that the US may impose fresh sanctions on major exporter Iran, although soaring US supplies capped gains. Brent crude oil futures were at $73.23 a barrel at 4.30am GMT, up 10c or 0.1% from their last close. US West Texas Intermediate (WTI) crude futures were up 30c or 0.5% at $67.55 a barrel. Iran, a member of the Organisation of the Petroleum Exporting Countries (Opec), re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear programme. Iran’s oil exports hit 2.6-million barrels a day in April, the oil ministry’s news agency, SHANA, reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran’s oil. The US, however, has expressed doubts over Iran’s sincerity in implementing those curbs and President Donald Trump has threatened to reinstate sanctions. Trump will decide by ...
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