Oil Prices Surge on Trade Optimism

In a significant market movement, crude oil prices climbed over 1.5% this Wednesday. This uptick comes as United States President Donald Trump hinted at reducing tariffs on Chinese imports, a move that could ease growth worries and potentially increase demand for oil.

US Sanctions on Iran Add to Market Dynamics

Adding to the market's volatility, the US government announced sanctions targeting an Iranian oil and liquefied petroleum gas shipping network. These measures are expected to tighten Iran's energy exports further, contributing to the global oil price adjustments.

Market Figures at a Glance

By 5:13 am ET, West Texas Intermediate for June deliveries had risen 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.