Oil Price Rebound As The United States Announced New Sanctions On Iran 17/06/22

Oil rebounds as new Iran sanctions fuel more supply concerns

 

Oil prices rose on Thursday in topsy-turvy trading after the United States announced new sanctions on Iran, and as energy markets stayed focused on supply concerns that have sent prices soaring this year.

The market slipped earlier as interest rate hikes in the United States, Britain and Switzerland fed worries about global economic growth.

Brent crude futures settled at $119.81, up $1.30, or 1.1%, while West Texas Intermediate (WTI) crude futures ended up $2.27, or 2%, at $117.58.

The International Energy Agency said it expects demand to rise further in 2023, growing by more than 2% to a record 101.6 million barrels per day. Optimism that China’s oil demand will rebound as it eases COVID-19 restrictions is also supporting prices.

Analysts said prices got a boost from Washington’s decision to impose sanctions on Chinese, Emirati and Iranian firms that help export Iran’s petrochemicals.

Retrieved from:

https://www.reuters.com/markets/europe/oil-rebounds-after-steep-drop-underpinned-by-tight-supplies-2022-06-16/