Oil Prices Climb Amidst New US Sanctions on Iran

In a significant move that has stirred the global oil markets, the United States has imposed fresh sanctions targeting Iran's oil sector. This decision comes amidst escalating tensions in the Middle East, where the US has intensified airstrikes against the Yemeni Houthis and the fragile ceasefire between Israel and Hamas in Gaza has collapsed.

As a direct consequence, oil prices have witnessed a notable uptick. West Texas Intermediate (WTI) for May deliveries saw a 1.48% increase, trading at $67.88 per barrel at 10:52 am ET. Similarly, Brent crude for May settlements experienced a 1.41% rise, reaching $71.78 per barrel just a minute later.