Oil Prices Rise As Iran Sanctions And Trump’s Tariffs Shake Markets

Oil prices rose after the U.S. issued fresh sanctions on Iranian oil and former U.S. President Donald Trump reaffirmed plans for new trade tariffs, Yongchang Chin reported for Bloomberg News.

Crude oil prices have experienced volatility this year, initially surging due to cold weather and earlier rounds of U.S. sanctions.

Brent crude climbed above $75 per barrel following a modest gain on Monday, while West Texas Intermediate hovered near $71. The U.S. imposed additional restrictions on brokers, ships, and individuals allegedly involved in illicit shipments of Iranian crude.

While these new measures were limited, they followed a series of previous sanctions.

Crude oil prices have experienced volatility this year, initially surging due to cold weather and earlier rounds of U.S. sanctions, before retracting gains when Trump took office and announced plans for new tariffs.

Among the proposed measures, tariffs on Canada and Mexico—set to take effect next month—remain on schedule, Trump told reporters during a press conference.

“The market is keeping a close eye on fresh U.S. sanctions against Iran,” said Soni Kumari, a commodity strategist at ANZ Group Holdings in Bengaluru, India. However, she noted that factors such as supply concerns could limit further price increases.