• Apr 15, 2025

Oil rises as US issues new sanctions targeting Chinese importers of Iranian oil

Oil prices rose more than $1 a barrel on Wednesday after Washington issued new sanctions targeting Chinese importers of Iranian oil. Brent crude futures rose $1.08, or 1.67%, to $65.75 a barrel by 11:43 a.m. EDT (1543 GMT) while U.S. West Texas Intermediate crude rose $1.14, or 1.86%, to $62.47. The U.S. on Wednesday issued new sanctions targeting Iran's oil exports, including against a China-based "teapot refinery", as President Donald Trump seeks to ramp up pressure on Tehran, and drive Iranian oil exports down to zero.