Oil Gains on Iran Supply Disruption Fears After U.S. Tariffs

Core Viewpoint - Oil prices have reached their highest level since November due to the U.S. imposing a 25% tariff on countries doing business with Iran [1] Group 1: Oil Price Movements - Brent crude and WTI both increased by 0.5%, reaching $64.17 per barrel and $59.81 per barrel, respectively, following a higher settlement in the previous session [2] Group 2: Market Sentiment and Supply Concerns - The potential reduction in Iranian oil supply has shifted market sentiment from bearish to a more cautious outlook, countering earlier expectations of a global oil glut [2] - Ongoing concerns about the tariff's impact on relations with major crude buyers, particularly China, which is a significant importer of Iranian oil, are influencing market dynamics [2] - Market participants are also considering developments in Venezuela as part of the broader supply landscape [2]