Oil rises amid US restrictions on Iran and new OPEC+ plans

Reuters reports that oil prices rose in early Asian trading on Friday due to the introduction of US restrictions on Iran and a new OPEC+ plan to reduce overproduction.

According to the news agency, the weekly gain of both Brent and WTI was about 2%, a record increase since the beginning of 2025.

On Thursday, the US Treasury announced new restrictions on Iran. They targeted the vessels and entities involved in the supply of Iranian crude to China. Given this background, ANZ Bank analysts expect a reduction in Iranian oil exports by 1 million barrels per day.

Oil prices were also supported by the new OPEC+ plan. In accordance with it, seven members of the organization will further reduce the crude oil output to compensate for exceeding production quotas. The plan includes a monthly reduction in oil output by 189,000–435,000 barrels per day until June 2026.

According to Kpler, it will help offset the OPEC+ supply increase, which is to take effect starting next month, as the organization announced earlier.