TDT | Manama
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Global oil prices retreated as investors locked in profits following a multi-week rally and awaited details of anticipated US sanctions against Iran.
Brent and WTI crude benchmarks came under pressure as traders repositioned ahead of Washington's expected measures targeting Iranian energy exports. Markets are closely watching whether tougher restrictions could reduce Iranian supplies and disrupt established trading routes.
Despite the decline, supply concerns remain elevated. Uncertainty surrounding tanker movements and naval activity in the Strait of Hormuz continues to fuel volatility in regional shipping, while refinery constraints and maintenance are keeping some refined fuel prices elevated.
Market observers view the pullback as a period of consolidation rather than a major reversal, with global inventories remaining tight. Strong enforcement of sanctions could remove significant Iranian volumes from international markets.
OPEC+ compliance, inventory data and developments in regional shipping are expected to influence oil prices in the coming days.
