Oil prices settled lower on Friday but still posted their fourth straight weekly gain, driven by fresh US sanctions targeting Iranian and Venezuelan crude exports.
Brent crude closed at $83.20 per barrel, down 0.8% on the day. WTI fell to $79.45. For the week, both benchmarks rose over 2%.
The US Treasury announced new sanctions on shipping firms and insurers suspected of helping move sanctioned oil. The move tightened expectations for global supply at a time when OPEC+ maintains production cuts.
African producers including Nigeria and Angola could benefit from higher prices, but refineries face higher import costs. Nigeria’s Bonny Light crude traded at a premium this week.
Analysts warn that if sanctions reduce supply by more than 500,000 barrels/day, prices could test $90 by June. China and India, the top buyers of discounted Iranian oil, have not indicated they will stop purchases.
The US has urged OPEC+ to increase output to offset the gap, but no changes are expected before the next ministerial meeting.
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