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

1. EIA Weekly Inventory (Thu)

   • Watch the official US Department of Energy report for confirmation of API draws.

2. OPEC+ Production Meeting

   • May output adjustments and compliance will shape supply forecasts.

3. 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 API
from Financial Modeling Prep.
This API delivers real-time scheduling and historical context for the indicators that move oil markets.