RE:Future Oil Prices?Oil prices rose in early trade on Thursday, slightly paring the previous session’s losses after the United States said it would reinstate oil sanctions on Venezuela, while the European Union talked of fresh curbs on Iran.
The U.S. said it would not renew a license set to expire on Thursday that had broadly eased Venezuela oil sanctions, moving to reimpose punitive measures in response to President Nicolas Maduro’s failure to meet his election commitments.
Uncertainty remained over how Israel might retaliate against Iran after Tehran’s missile and drone attack on Israel. Looking to prevent a wider conflict, European Union leaders decided on Wednesday to step up sanctions against Iran.