Crude Oil Moves Sharply Higher Following Recent | Commodities
(RTTNews) – The price of crude oil noticed appreciable volatility in morning trading on Thursday however moved sharply increased over the course of the session.
Crude for June supply jumped $1.03 or 1.8 % to $59.24 a barrel, regaining ground after plummeting over the three earlier classes.
Oil futures surged in afternoon trading after President Donald Trump threatened to impose sanctions on any nation or individual that purchases Iranian oil of petrochemical merchandise.
All purchases of Iranian Oil, or Petrochemical merchandise, should stop, NOW!” Trump said in a post on Truth Social. “Any Country or one who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran can be subject to, instantly, Secondary Sanctions.”
He added, “They will not be allowed to do business with the United States of America in any way, shape, or form.”
The Trump administration has mentioned it’s looking for to use “maximum pressure” on Iran in an effort to disrupt the nation’s oil provide chain and exports, which the administration claims assist terrorist proxies and companions.
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