Oil Prices Climb on Tariff Optimism

The price of crude oil experienced a significant rise of over 1.5% this Wednesday. This surge came after United States President Donald Trump hinted at a potential reduction in tariffs on Chinese imports. Such a move is anticipated to ease some growth concerns and potentially increase demand for oil.

US Sanctions on Iran Further Tighten Oil Supply

In addition to the tariff news, the United States has also imposed sanctions on an Iranian oil and liquefied petroleum gas shipping network. These sanctions are expected to further constrain Iran's energy exports, adding another layer of complexity to the global oil supply dynamics.

Market Reactions: West Texas Intermediate for June deliveries saw a 1.68% increase, trading at $64.69 per barrel at 5:13 am ET. Similarly, Brent for June settlements improved by 1.60%, reaching $68.50 per barrel shortly after.