Oil Prices Surge on Friday

PUKMEDIA

Oil prices.

Oil prices surged over 3 per cent on Thursday, 18 April 2025, supported by hopes of a US-EU trade agreement and rising supply concerns following new US sanctions on Iranian oil exports.

Brent crude settled at $67.96 per barrel, up $2.11 (3.2%), while US West Texas Intermediate rose $2.21 (3.54%) to $64.68. Both benchmarks posted a weekly gain of around 5%, their first in three weeks, ahead of the Easter holiday.

US President Donald Trump and Italian Prime Minister Giorgia Meloni expressed optimism about resolving trade tensions. Meanwhile, Washington announced fresh sanctions targeting Iranian oil flows, including Chinese-linked entities, raising fears of tighter global supply.

OPEC confirmed new production cut commitments from Iraq, Kazakhstan, and others, while major institutions like the IEA and Goldman Sachs lowered their oil demand forecasts amid ongoing economic uncertainty.




PUKMEDIA