JAKARTA - Global oil prices recorded an increase to the highest position in the last 2 weeks, after the United States (US) imposed sanctions on Iran.

Brent oil prices in the futures market strengthened 0.2% to US$ 72.16 per barrel on Friday (21/3). Meanwhile, the price of West Texas Intermediate (WTI) oil closed up 0.3% to US$68.28 per barrel.

For the week, Brent oil prices have gained 2.1% and WTI 1.6%. This is the highest increase since the first week of 2025.

ANZ Bank analysts said crude oil exports from Iran are expected to fall by 1 million barrels per day, due to US sanctions. Throughout February, Iran's oil export volume was estimated at 1.8 million barrels per day, according to the Kpler tanker tracking service.

On the other hand, the increase in world oil prices is also supported by the latest plan of 7 OPEC + members, to cut production by around 189-435 thousand barrels per day until June 2026. (KR/LM)