Oil Prices Climb for Second Day Amid Fresh U.S. Sanctions on Iran and Strong Refining Margins
U.S. Sanctions on Iran: The latest sanctions imposed by the U.S. government have intensified fears of supply disruptions from one of the world’s top oil producers. Iran, the third-largest producer in OPEC, pumped 3.2 million barrels per day in January, according to a Reuters survey. Iraq’s Commitment to Curb Oversupply: The Iraqi oil minister reinforced the country’s commitment to reducing excess production, which could contribute to a more balanced global supply. Strong Refining Margins: Refinery demand remains robust, supporting crude oil prices despite broader market uncertainties.
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