Oil prices have surged following a recent US decision to sanction a Chinese refinery, marking an intensified effort to curb Iranian oil flows. According to a report by Bloomberg, West Texas Intermediate (WTI) crude rose toward $69 a barrel, while Brent crude closed at $72. The sanctions target Shandong Shouguang Luqing Petrochemical Co. and its CEO for allegedly purchasing Iranian oil, representing the first US intervention in China's refining sector.

Read also: Oil Prices Forecasted to Enter Boom Cycle by 2035 Amid Rising Global Demand

Crude is poised for its largest weekly gain since mid-January, fueled by optimistic US consumption data. However, this upward momentum faces challenges from global trade tensions and potential increases in OPEC+ oil supply in the coming months. Data from the IndexBox platform further indicates that global oil market dynamics continue to be influenced by geopolitical actions and economic indicators.

Source: IndexBox Market Intelligence Platform