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Oil prices rose on Thursday, reduced production by the OPEC, and the United States could impose new sanctions on Iran, but the increase in US crude oil stocks has restricted the rise in oil prices.
Brent crude rose $0.26, or 0.35%, at $73.62 a barrel. US crude rose 0.50 US dollars, or 0.74%, at $68.43 a barrel.
"The rise in oil prices today may be based on the tightened supply of Iran and the crude oil market," said Rob Thummel, portfolio manager of Tortoise Capital, an energy investment management company.
As president Trump set the deadline for European countries to amend the 2015 Iraq nuclear agreement, Iran's foreign minister said it was unacceptable for the United States to request a revision of the Iran nuclear agreement signed with the world's powers.
Two White House officials and a source familiar with the internal discussions in the US government said Wednesday that President Trump had almost decided to withdraw the Iran nuclear agreement signed in 2015 by May 12th, but the practice remains unknown.
Iran became a major oil producer in January 2016, when international sanctions against Iran were suspended to curb Iran's nuclear program.
Oil prices were supported by the suspension of the Beihai oil field connecting the Brant crude oil pipeline as the British Sullom Voe crude oil transport terminal was temporarily closed, and the Brant crude oil pipeline operator said it reduced the production of Brant crude.
OPEC and other oil producing countries cut production, resulting in tight global supply of crude oil. According to the latest Reuters survey, the OPEC crude oil output in April was about 32 million barrels a day, slightly lower than its target 32 million 500 thousand barrels, mainly due to the decline in Venezuela's production.

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