Brent crude oil futures fell to $74.2 per barrel on Tuesday, remaining near yearly lows due to uncertainty over future demand and a lack of new economic signals from China.
Looking ahead, oil prices may remain subdued until mid-March, when China is expected to announce new stimulus policies and a 2025 growth target.
Meanwhile, US President Trump confirmed that tariffs on Canadian and Mexican imports will begin on March 4, which could weigh on global oil demand.
However, fresh US sanctions on Iran—targeting oil brokers, shipping firms, and Iran’s state oil company—raise concerns about tighter supply.
Iran, OPEC’s third-largest producer, pumped 3.2 million barrels per day in January.
The EU and UK also imposed new sanctions on vessels transporting Russian oil.