HOUSTON:
Oil prices rose more than $1 a barrel on Wednesday on concerns about global supplies after Washington issued new sanctions targeting Chinese importers of Iranian oil.
Brent crude futures rose $1.06, or 1.64%, to $65.73 a barrel by 1618 GMT while US WTI crude rose $1.02, or 1.66%, to $62.35.
The US on Wednesday issued new sanctions targeting Iran’s oil exports, including against a China-based “teapot refinery”, as Trump seeks to ramp up pressure on Tehran, and drive Iranian oil exports down to zero.
The action comes as the US government has relaunched negotiations with Iran over its nuclear programme this month. Meanwhile, Iran’s right to enrich uranium is not negotiable, Foreign Minister Abbas Araqchi said on Wednesday ahead of the next round of talks in Rome on Saturday. OPEC has received updated plans for Iraq, Kazakhstan and other countries to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday.
