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Crude oil futures settle higher on Monday

25 Feb 2025 Evaluate

Crude oil futures settled higher on Monday as fresh sanctions by the U.S. Treasury on Iran raised possibility of a drop in global supplies. As per a private report, the Trump administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran. Weaker-than-expected U.S. economic data released on Friday and ongoing talks to end the war between Russia and Ukraine kept oil prices under pressure.

Benchmark crude oil futures for April rose $0.30 or about 0.43% at $70.70 a barrel on the New York Mercantile Exchange. Brent crude for April delivery added $0.30 or 0.41% to settle at $74.35 a barrel on London's Intercontinental Exchange.