COMMODITY
Crude oil futures end sharply higher on Thursday
Apr-19-2025

Crude oil futures ended sharply higher on Thursday after the United States imposed new sanctions to curb Iranian oil exports, elevating supply concerns. The new sanctions on Iranian oil exports and hawkish comments on the issue from the U.S. Treasury are increasing supply concerns and helping support crude. Further, adding to supply concerns, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday it had received updated plans for Iraq, Kazakhstan and other countries to make further output cuts to compensate for pumping above quotas. Besides, markets remained closed on Friday On account of Good Friday

Benchmark crude oil futures for May surged $2.21 or about 3.54% at $64.68 a barrel on the New York Mercantile Exchange. Brent crude for June delivery climbed $2.11 or 3.2% to settle at $67.96 a barrel on London's Intercontinental Exchange.


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