Oil edged higher Thursday as traders assessed new U.S. measures targeting Iran's oil trade. Treasury Secretary Bessent announced a campaign to isolate Iran, sanctioning more than 60 entities, individuals, and vessels globally. Rystad Energy's Jorge Leon noted China remains the critical factor, as Beijing is essentially the only significant buyer of Iranian crude left. Iranian exports have already fallen sharply due to the blockade, and unless China materially reduces purchases further, the additional impact on Iranian oil revenues could be relatively limited.

Front-month WTI crude oil futures rose 0.2% to $85.20 per barrel.