US Tightens Grip on Iranian Oil Exports

In a bold move that has sent ripples through the global oil market, the US administration under President Donald Trump has announced new sanctions targeting Iran's oil exports. This strategic decision includes penalties against a Chinese independent refinery, intensifying the pressure during ongoing nuclear negotiations.

Market Reaction to Sanctions

The immediate aftermath saw oil prices climbing, with West Texas Intermediate (WTI) for May's settlements rising by 1.18% to $63.21 per barrel. Similarly, Brent for June's deliveries saw a 1% increase, reaching $66.5 per barrel. These developments underscore the market's sensitivity to geopolitical tensions and supply constraints.