Iran Sanctions Prop Up Oil Prices

A new round of sanctions targeting Iran’s oil industry and the country’s oil minister boosted oil prices earlier today, offsetting the negative effect of the International Energy Agency’s latest monthly report, released Thursday. At the time of writing, Brent crude was trading at $70.33 per barrel and West Texas Intermediate was changing hands for $67.02 per barrel, slightly up on both Thursday and the beginning of the weekly session. The IEA said in the March edition of its Oil Market Report that global oil supply was 600,000…