Global oil prices spiked on Thursday.
The surge came as the U.S. announced further sanctions against Iran, stoking fears of potential disruptions to Middle Eastern oil supplies.
On this day, the U.S. Department of the Treasury imposed sanctions on Chinese refineries that imported Iranian oil.
Also, the State Department sanctioned a Chinese oil terminal that had purchased and stored Iranian crude.
This is a warning that companies importing Iranian oil could face U.S. sanctions.
The heightened uncertainty pushed international oil prices up for the second day in a row.
Brent crude, the global oil benchmark, saw its May delivery contract jump $1.22 (1.72%) to $72.00 per barrel.
Meanwhile, West Texas Intermediate (WTI), the U.S. oil benchmark, saw its April contract climb $1.10 (1.64%) to close at $68.26 per barrel.
