Key Currency Exchange Rates for Friday, 6/23/23

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The expectation that sanctions will again frustrate Iran’s oil industry and limit global supply has helped to boost prices close to 5% since the announcement. In the past, sanctions against Iran have cut the country’s crude exports by around 1 million barrels a day. But because the European Union and other intentional players have decided to stick with the deal, U.S. sanctions are likely to affect only up to around 350,000 barrels a day, once reinstated within six months’ time, according to analysts at MUFG Bank. The surge in prices this week prompted renewed oil market speculation that Brent could again reach $100 a barrel — a level not seen since before the price crash of late 2014. Click Read More below for additional information.

Futures were little changed in New York after rising 8.3 percent the previous seven sessions. U.S. drillers targeting crude reduced the number of active rigs for the first time in 24 weeks, according to Baker Hughes Inc. data on Friday. Libya’s oil production climbed to more than 1 million barrels a day for the first time in four years, according to a person with direct knowledge of the situation. While prices surged last week, oil in New York and London still posted a monthly loss in June after tumbling into a bear market on concerns that rising global supply will counter cuts from the Organization of Petroleum Exporting Countries and its partners. There are signs of a slowdown in the U.S., but Libya is adding more oil to the market as it restarts fields that are exempt from OPEC’s production curbs. Click Read More below for more of the story.