Reported 2 days ago
Oil prices surged on Thursday, nearing two-week highs as the U.S. imposed new sanctions aimed at curbing Iranian oil exports, which raised supply concerns. Brent crude rose to $66.39 per barrel, while U.S. West Texas Intermediate crude reached $63.11 per barrel. The sanctions, targeting a China-based refinery, add pressure on Tehran amid ongoing nuclear discussions. Meanwhile, OPEC announced further output cuts from Iraq and Kazakhstan to stabilize prices. Analysts noted the increasing supply concerns and the weaker U.S. dollar as factors contributing to the price rally.
Source: YAHOO