Oil prices recorded a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the Organisation of the Petroleum Exporting Countries (OPEC+), which includes OPEC plus Russia and other allies, raised expectations of tighter supply.

Brent crude oil futures rose by 2.1 percent last week to end at 72.16 dollars a barrel. US WTI crude futures added 1.6 percent during the week, to finish at 68.28 dollars per barrel, their biggest gains since the first week of the year. On Thursday, the US Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China. This marked Washington’s fourth round of sanctions against Tehran since President Donald Trump in February promised “maximum pressure” and pledged to drive Iran’s oil exports down to zero.

Oil prices were also supported by the new OPEC+ plan for seven members to cut output further to compensate for producing more than agreed levels. The plan would represent monthly cuts of between 189,000 barrels per day (bpd) and 435,000 bpd until June 2026.