Oil Prices Climb Amid Trade Optimism

The price of crude oil experienced a significant uptick, rising by over 1.5% this Wednesday. This surge came in the wake of United States President Donald Trump's indication that he plans to lower tariffs on Chinese imports. Such a move is anticipated to ease some growth concerns and potentially boost demand for oil.

US Sanctions on Iran Add to Market Dynamics

In addition to the tariff news, the United States has 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 market.

Market Reactions

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