Brent crude oil is trading at $74.60 a barrel

Oil prices continue to rise due to new US sanctions on Iran, US President Donald Trump's protectionist trade policies and expectations that the US Federal Reserve (Fed) will make its first interest rate cut in June.

The US administration announced yesterday that it has imposed sanctions on more than 30 individuals and vessels facilitating Iran's oil sales. The sanctions were implemented as part of a "maximum pressure" campaign against Iran's shadow fleet. "The United States will use all the tools at our disposal to target all aspects of Iran's oil supply chain, and anyone doing business with Iranian oil is exposed to significant sanctions risks," US Treasury Secretary Scott Bessent said in a statement on the subject.

In addition, the uncertainty created by Trump's protectionist trade policies in the global economy is increasing the perception of risk in oil markets. Experts say that Trump's statement that the tariffs on Canada and Mexico are "progressing on time and as planned" is fueling trade war concerns.

Investors are awaiting personal consumption expenditures data from the United States, the world's largest oil consumer, to be released on Friday.

It is stated that the data in question will shape expectations regarding the timing of the Fed's interest rate cuts. Markets are predicting that the Fed will make its first interest rate cut in June. Experts say that the lower interest rates, combined with a weakening dollar and increased economic activity, could push oil prices even higher.

Experts say that the resumption of Iraqi oil exports via Ceyhan Port could reduce supply concerns in the markets by increasing global oil supply, which could put downward pressure on oil prices due to the improvement in the supply-demand balance.

In addition, expectations that the Russia-Ukraine War would end with a peace agreement were another factor limiting the rise in oil prices.

Trump, in his statement at the Conservative Political Action Conference in Washington, emphasized that the war must end, saying, "I spoke with President Putin and I think this has to end, it has to end."

It is stated that technically, $76.66 can be monitored as resistance and $73.68 as support for Brent oil.