Sanctions on Russia and Iran Tighten Oil Market, Boosting Prices
The global oil market is experiencing tightening conditions due to sanctions on Russia and Iran, according to Vitol, the world's largest independent oil trader. These sanctions have led to a reduction in available oil supply, as traditional buyers seek alternative sources from Western or Saudi suppliers. This shift is contributing to higher crude prices, with Brent Crude trading at $69 per barrel and WTI Crude at $64.35. The geopolitical tensions involving Iran and Venezuela, along with U.S. pressure on India to reduce Russian oil purchases, are further influencing market dynamics. As a result, oil tankers are reportedly waiting offshore in East Asia, unable to find buyers. 
