International oil prices rose sharply on Wednesday.
Brent crude and West Texas Intermediate (WTI), which fell by 0.3% the previous day due to the International Energy Agency’s (IEA) downward revision of oil demand forecasts, jumped more than 1.8% on Wednesday.
The sharp increase was fueled by growing concerns over oil supply after the U.S. imposed sanctions on Chinese refineries importing Iranian oil. Additionally, oil prices surged as market analysts suggested that China might continue its U.S. imports while boosting its Canadian oil imports, contrary to earlier expectations of a cutback on U.S. oil purchases amid ongoing trade tensions.
Brent crude, the global oil benchmark, settled at 65.85 USD per barrel for June delivery, marking a 1.18 USD (1.82%) increase from the previous session.
Similarly, the U.S. benchmark WTI saw a significant surge, with the May contract climbing 1.14 USD (1.86%) to close at 62.47 USD per barrel.
