Crude Oil Extends Surge Amid Concerns About | Commodities
(RTTNews) – Crude oil futures moved sharply greater during trading on Thursday, extending the sturdy upward transfer seen within the earlier session.
After leaping $1.14 or 1.9 % to $62.47 a barrel, crude for May supply spiked $2.21 or 3.5 % to $64.68 a barrel.
The continued surge by the price of crude oil got here amid ongoing issues about Iranian oil exports after Treasury Secretary Scott Bessent mentioned the U.S will proceed to use stress on Iran after imposing new sanctions on Chinese importers of Iranian crude oil on Wednesday.
“We will apply maximum pressure on Iran and disrupt the regime’s oil supply chain and exports, which support terrorist proxies and partners,” Bessent posted on X. “Any refinery, company, or broker that chooses to purchase Iranian oil or facilitate Iran’s oil trade places itself at serious risk.”
He added, “We are prepared to take all actions available to get Iran’s energy exports down to zero, where they belong, and keep Americans safe.”
The increase by the price of crude oil may have mirrored optimism about potential trade offers following upbeat feedback from President Donald Trump
Trump mentioned in a post on Truth Social on Wednesday that “big progress” had been made in a assembly with the Japanese trade delegation.
“Had a very productive call with the President of Mexico yesterday,” he added in a post this morning. “Likewise, I met with the highest level Japanese Trade Representatives. It was a very productive meeting. Every Nation, including China, wants to meet! Today, Italy!”
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