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17/04/2025 01:28 AST
Oil rose for a second day after the US vowed to reduce Iran's energy exports to "zero".
Brent crude climbed above $66 a barrel after advancing almost 2% on Wednesday, putting futures on track for their first weekly gain this month.
West Texas Intermediate was traded near $63.
Treasury Secretary Scott Bessent said the US would apply maximum pressure to disrupt the OPEC member's oil supply chain, as his department sanctioned a second Chinese refinery accused of handling crude from the Islamic Republic.
The so-called teapot oil processor sanctioned by the US - Shandong Shengxing Chemical Co. Ltd. - had allegedly handled over $1 billion worth of Iranian crude, the Treasury Department said.
Tehran, meanwhile, warned that fledgling nuclear talks with Washington may fall apart if the Trump administration "moves the goalposts."
This week's rebound was aided by US government data that showed inventory levels at Cushing, Oklahoma - the delivery point for WTI - fell by roughly 650,000 barrels to the lowest since 2008 for this time of the year.
However, it still pales in comparison to the more than $10 drop earlier this month that saw futures sink to a four-year low following President Donald Trump's chaotic tariff moves that threaten global growth and energy demand.
Elsewhere, OPEC+ production remains in focus as the alliance makes yet another push for members to rein in output to nearer quota levels.
Bloomberg
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 64.76 | 1.43 | 2.26 |
| WTI | 61.5 | 1.43 | 2.38 |
| OPEC Basket | 66.41 | 3.01 | 4.75 |
17/04/2025
Oil prices extended gains on Thursday on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade and as some OPEC producers pledged more output cuts to com
Reuters
16/04/2025
Oil prices fell about 1 percent on Wednesday, as shifting US tariff policies fuelled uncertainty, prompting traders to weigh the potential impact of the US-China trade war on economic growth and ener
Reuters
15/04/2025
Oil prices inched higher on Tuesday, supported by new tariff exemptions floated by US President Donald Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply, accord
Reuters
15/04/2025
OPEC has trimmed its 2025 global oil demand growth forecast, pointing to first quarter data and recently announced US trade tariffs as key factors behind the revision.
In its latest monthly
Arab News
14/04/2025
Oil prices fell on Monday on concerns the escalating trade war between the US and China would weaken global economic growth and dent fuel demand.
Brent crude futures were down 22 cents, or 0
Reuters
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