Oil Prices Climb Amid US Sanctions on Iran

Oil prices experienced a notable increase, rising by 1% on Thursday. This surge is attributed to growing concerns over potential supply constraints following the United States' announcement of additional sanctions against Iran. The new measures specifically target Iranian oil exports, including penalties on a Chinese independent refinery, intensifying pressure amidst ongoing nuclear negotiations.

Market Reaction to Sanctions

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