As of 21:07 ET (01:07 GMT), Asian oil benchmarks extended their gains, buoyed by fresh US sanctions on Iran’s LPG network, a sharp draw in US crude inventories, and easing policy fears from Washington.
Key Price Moves
Brent (June): +1.0% to $68.12/bbl
WTI: +1.0% to $63.58/bbl
Prior Close: Both contracts up nearly 2% on Tuesday
Why Prices Are Rising
US Sanctions on Iran
Target: Seyed Asadoollah Emamjomeh and his LPG export network
Aim: Cut off revenue streams funding destabilizing activities
Context: Sanctions land amid nuclear talks resuming this weekend in Oman
US Crude Stock Draw
API Report: Showed a large decline in US commercial crude inventories
Implication: Signals tightening physical supply even as OPEC+ output increases
Policy and Trade Optimism
Fed Reprieve: Trump backed off threats to fire Fed Chair Powell, easing monetary policy risk
Tariff Hopes: Trump said China tariffs will fall “substantially, but not to zero,” and Treasury Secretary Bessent sees trade de-escalation as “unsustainable” at current levels
What’s Next for Oil Traders
EIA Weekly Inventory (Thu)
Watch the official US Department of Energy report for confirmation of API draws.
OPEC+ Production Meeting
May output adjustments and compliance will shape supply forecasts.
Macro Data Releases
Flash PMIs and US durable goods orders will signal demand momentum.
Track Upcoming Economic Events
Stay on top of these market drivers—EIA inventories, OPEC+ meetings, and global PMI releases—using the? Economics Calendar – Economics Data APIfrom Financial Modeling Prep.This API delivers real-time scheduling and historical context for the indicators that move oil markets.
