Brent Crude Holds Near $70 Amid Supply Worries and U.S. Sanctions

Brent crude futures hovered around $68.95 per barrel, maintaining a one-month high as continued concerns over oil supply and fresh U.S. sanctions supported the market. U.S. West Texas Intermediate (WTI) held near $65.43 per barrel.

Key Market Drivers:

U.S. Sanctions: A network of shipping companies and vessels involved in smuggling Iranian oil under false declarations has been targeted by new sanctions, raising global supply risks.

Inventory Outlook: Analysts forecast a possible drop in U.S. crude, distillate, and gasoline stockpiles, estimated at around 3.4 million barrels—adding another layer of bullish sentiment.

Weak U.S. Economic Data: Sluggish manufacturing activity and trade tensions are dampening demand expectations, limiting the upside for oil prices.

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