Oil Prices Climb Amid Tariff Optimism

In a significant market movement, crude oil prices experienced a 1.6% increase on Wednesday. This surge came after United States President Donald Trump indicated plans to reduce tariffs on Chinese imports, a move that has sparked optimism among investors regarding potential growth and demand boosts.

US Sanctions on Iran Add to Market Dynamics

Adding to the complex market dynamics, the United States also announced sanctions targeting an Iranian oil and liquefied petroleum gas shipping network. These sanctions are expected to further constrain Iran's energy exports, contributing to the upward pressure on oil prices.

Price Details

At 5:13 am ET, West Texas Intermediate for June deliveries was up by 1.68%, trading at $64.69 per barrel. Shortly after, Brent crude for June settlements saw a 1.60% increase, reaching $68.50 per barrel.