Oil Prices Climb as US Tightens Sanctions on Iran

Oil prices experienced a 1% increase on Thursday, driven by concerns over potential supply constraints following the announcement of new US sanctions against Iran. The Trump administration's latest measures specifically target Iranian oil exports, including penalties against a Chinese independent refinery, intensifying pressure during ongoing nuclear negotiations.

Market Reactions

West Texas Intermediate (WTI) for May's settlements saw a rise of 1.18% at 2:10 am ET, reaching $63.21 per barrel. Similarly, Brent for June's deliveries advanced by 1%, selling for $66.5 per barrel shortly after.