WTI crude oil futures hit near two-week high above $68 per barrel mark amid fresh US sanctions against Iran and plan to cut production by the OPEC+ pointed to tighter supplies in the coming months. The Organization of Petroleum Exporting Countries and allies said on Thursday that seven of its member states will cut output to make up for recent production increases. The plan will entail monthly cuts of between 189,000 and 435,000 barrels per day, and will last until June 2026. Besides, China stimulus measures to boost consumption in top importing country also supported oil prices. Meanwhile, Crude oil inventories in the United States saw an increase of 1.7 million barrels during the week ending March 14, according to data from the U.S. Energy Information Administration or EIA. Oil has been holding up in a tight range recently but sentiments are supportive following slide near three year low and a 4% drop in February 2025.

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