Oil Market Sentiment Improves as Russia Sanctions Rise and Iran Deal Fades – ING

Oil Market Sentiment Improves as Russia Sanctions Rise and Iran Deal Fades – ING

The oil market saw renewed strength on Wednesday, with WTI crude prices gaining as investor sentiment shifted more positively, ING analysts noted.

Sanctions Against Russia and Iran Deal Collapse Boost Crude

Two major geopolitical developments have driven oil prices higher:

• Escalating sanctions risk on Russian oil, following new geopolitical tensions.
• Growing pessimism over a US-Iran nuclear agreement, which might have led to lifting sanctions and increasing oil supply.

With diplomacy faltering, the market seems to be pricing out additional Iranian barrels, creating a bullish floor for crude.

Legal Decision Against Trump Tariffs Supports Broader Risk Sentiment

Further lifting market mood, the US Court of International Trade ruled against former President Donald Trump’s "Liberation Day" tariffs, stating they overstepped executive authority. The Trump administration is expected to appeal the decision.

This ruling improved risk sentiment, supporting commodity prices, including oil, as investors welcomed a reduction in trade-related uncertainties.

Market Context

• WTI Crude was last seen trading above $62.60/barrel.
• Brent Crude moved above $65/barrel, continuing its week-long recovery.

Internal Links for Tredu.com

• Crude Oil Live Price Chart
• How Geopolitics Affects Oil Prices
• WTI vs Brent: What's the Difference?
• US Court Rulings and Market Impact