US EditionUS slaps Iran-related sanctions on oil tankers, China 'teapot' refinery
- Oil prices have increased for the second week, with Brent crude at $72.21 and WTI at $68.32 per barrel, reflecting geopolitical developments and decisions by oil producers.
- The U.S. Treasury Department has imposed sanctions on Chinese entities involved with Iranian oil to decrease Iran's oil exports by about 1 million barrels per day.
- OPEC+ agreed on production cuts ranging from 189,000 to 435,000 barrels per day until June 2026 to address overproduction and stabilize the market.
- Gold prices have gained around 1.5% this week, with geopolitical instability and concerns about economic growth reinforcing its status as a safe-haven asset.
72 Articles
72 Articles
US Sanctions Entities Tied to Iran–China Petroleum Trade
The Trump administration announced on March 20 that it has sanctioned entities it says are tied to the petroleum trade between Iran and China. The Department of State sanctioned an oil facility in China, Huaying Huizhou Daya Bay Petrochemical Terminal Storage, which has allegedly bought and sold Iranian crude oil from a vessel under U.S. sanctions. “These sanctions are being imposed pursuant to President [Donald] Trump’s maximum pressure campaig…
Oil rises after US sanctions Iran
Oil prices rose on Thursday after the US issued new Iran-related sanctions and renewed tensions in the Middle East countered strength in the dollar. Brent crude futures were up $1.03, or 1.46%, to $71.83 a barrel at 1613 GMT. The US WTI contract for April, expiring on Thursday, rose $1.07 to $68.23. The more actively traded WTI May contract rose 99 cents, or 1.48%, to $67.90, having risen more than $1 during the session. The US on Thursday issue…
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