US announces new sanctions on Iranian oil
February 11, 2025
Crude oil prices closed higher yesterday driven mainly by the new US sanctions against Iran’s crude oil exports and news that Russia’s Federal Antimonopoly Service may initiate a 1-month ban on gasoline exports by large producers to stabilize wholesale prices ahead of the crop-sowing season. The tighter Russian supplies helped to drive up spot Middle East prices.
The US Treasury Department said it was imposing new sanctions on oil tankers and some individuals for Iran crude oil shipments to China.
OPEC+ has the production capacity to offset the lower barrels coming out of Russia and Iran but both countries are members of OPEC+ and that makes it tough for other OPEC+ members to official increase supply.
Lyondell is in the process of shutting down for good it 263,776 barrel per day refinery in Houston. Lyondell has been trying to sell the refinery for seven years but has been unable to find a buyer.
US President Donald Trump said he will introduce new 25% tariffs on all steel and aluminum imports into the US, in addition to existing metals duties.
A recent poll of economists reveals they have an expectation that the US Federal Reserve will likely wait until next quarter to lower interest rates again.