Oil Prices Rise Amid New US Sanctions on Iran

Oil prices experienced a 1% increase on Thursday, driven by growing concerns over potential supply constraints. This comes after the US government announced new sanctions targeting Iranian oil exports, including measures against a Chinese independent refinery, intensifying pressure during ongoing nuclear negotiations.

Market Reaction

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