Update: WTI Oil Rises on Tightened Iran Sanctions and Fresh Tariff Threats from Donald Trump

02:41 PM EDT, 03/24/2025 (MT Newswires) -- West Texas Intermediate (WTI) crude oil rose on Monday as traders assessed new sanctions imposed on Iranian exports last week by the United States, while U.S. President Donald Trump threatened to impose 25% levies on imports from any country that imports oil from Venezuela.

WTI crude oil for May delivery closed up US$0.83 to settle at US$69.1 per barrel, while May Brent crude was last seen up US$0.70 to US$72.86.

The United States on Thursday tightened sanctions on Iran's oil sector, including a sanction on a Chinese independent refinery and 12 other entities, cutting its exports, even as it attacks Iranian-backed Houthi militants in Yemen to retaliate for attacks on Red Sea shipping.

Trump added to the supply concerns on Monday after he threatened buyers of Venezuelan crude oil with tariffs on their imports into the United States.

Still oil prices have been stuck in a narrow range for much of the month, as sanctions compete with rising supply from OPEC+ and non-OPEC producers, while the impact of threatened U.S. tariffs on Canada and Mexico, its largest trading partners, take effect on April 2, with an uncertain impact on global growth.

"Crude remains rangebound as traders consider new US tariffs, the risk of an economic slowdown, as well as increased OPEC+ supply from next month and the prospect of stepped-up US sanctions lowering supply from Iran," Saxo Bank noted.

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