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
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Brent (June): +1.0% to $68.12/bbl
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WTI: +1.0% to $63.58/bbl
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Prior Close: Both contracts up nearly 2% on Tuesday
Why Prices Are Rising
US Sanctions on Iran
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Target: Seyed Asadoollah Emamjomeh and his LPG export network
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Aim: Cut off revenue streams funding destabilizing activities
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Context: Sanctions land amid nuclear talks resuming this weekend in Oman
US Crude Stock Draw
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API Report: Showed a large decline in US commercial crude inventories
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Implication: Signals tightening physical supply even as OPEC+ output increases
Policy and Trade Optimism
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Fed Reprieve: Trump backed off threats to fire Fed Chair Powell, easing monetary policy risk
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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
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EIA Weekly Inventory (Thu)
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Watch the official US Department of Energy report for confirmation of API draws.
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OPEC+ Production Meeting
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May output adjustments and compliance will shape supply forecasts.
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Macro Data Releases
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Flash PMIs and US durable goods orders will signal demand momentum.
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Track Upcoming Economic Events
Stay on top of these market drivers—EIA inventories, OPEC+ meetings, and global PMI releases—using the
đź”— 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.
