Oil Rises After U.S. Cracks Down on Iran Supply
Oil rose for a second day after the U.S. pledged to reduce Iran’s energy exports to zero. West Texas Intermediate traded near $63 a barrel after rising nearly 2% on Wednesday, putting futures on track for their first weekly gain this month.
Brent crude settled below $66. Treasury Secretary Scott Bessent said the U.S. would apply maximum pressure to disrupt Iran’s oil supply chain, as his department sanctioned a second Chinese refinery accused of handling crude from the Islamic Republic. The so-called teapot refinery sanctioned by the U.S., Shandong Shengxing Chemical Co. Ltd., is suspected of handling more than $1 billion of Iranian crude, the Treasury Department said.
Meanwhile, Iran warned that fledgling nuclear talks with Washington could fail if the Trump administration “changes its focus.” WTI for May delivery rose 0.7% to $62.92 a barrel as of 7:32 a.m. in Singapore.
Brent for June delivery rose 1.8% to $65.85 a barrel on Wednesday.
Source: Bloomberg
