WTI crude oil futures for May delivery settled at $64.31, marking a gain of $1.23, or 1.95%, on the day.
The upward movement was supported by
- The U.S. Treasury has announced sanctions targeting Iranian LPG tycoon Seyed Asadoollah Emamjomeh and his affiliated corporate network, effectively restricting the export of Iranian liquefied petroleum gas and crude oil valued at hundreds of millions of dollars.
- Meanwhile, there are ongoing hopes that trade tensions with China, Japan, and India may ease gradually over time.
Balancing this otherwise bullish sentiment is the expected move by OPEC+, which plans to increase oil output by 411,000 barrels per day next month as part of a broader strategy to unwind production cuts. Although this increase was largely anticipated, any significant trade agreements are reportedly not on the immediate horizon.