International oil prices spiked on Thursday, continuing their rise for the second consecutive day.
With the Easter holiday approaching, concerns remained over potential oil supply constraints as the United States maintained pressure on Iran.
The U.S. decided to sanction Chinese refining companies the previous day as part of its strategy against Iran, raising concerns that this could lead to a balloon effect in the oil market.
If China cannot import oil from Iran, it may turn to other Middle Eastern sources or North American suppliers, including the U.S. and Canada. This reduction in Iranian oil supply is expected to drive oil prices higher.
Brent crude, the global oil benchmark, saw its June delivery contract surge by 2.11 USD (3.20%) to 67.96 USD per barrel.
Meanwhile, West Texas Intermediate (WTI), the U.S. oil benchmark, saw its near-month May contract jump by 2.21 USD (3.54%) to close at 64.68 USD per barrel.
Oil prices also posted significant gains on a weekly basis.
Brent crude skyrocketed 10.5% for the week, while WTI climbed 5.2%.
