Oil prices rise as U.S. sanctions on Chinese refineries

Oil prices soared after the U.S. recent decision to sanction a Chinese refinery, marking an intensified curbing of Iran’s oil flows. West Texas Intermediate (WTI) crude rose to $69 a barrel, while Brent crude came at $72, according to a Bloomberg report. The sanctions target Shandong Shouguang Luqing Petrochemical and its CEO allegedly bought Iranian oil, the first time the U.S. intervened in China’s refining sector.

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Crude oil aims to earn its biggest weekly gains since mid-January since optimistic U.S. consumption data drives. However, this upward momentum faces challenges global trade tensions and the potential for OPEC+ oil supply increases in the coming months. Data from the Index Box Platform further suggests that global oil market dynamics are still affected by geopolitical actions and economic indicators.

Source: Index Box Market Intelligence Platform