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Apr 22, 2025
New US sanctions raise oil prices
Targeting Iranian exports brings tension back to the market
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On April 16, 2025, the United States imposed new sanctions targeting Iranian oil exports, specifically targeting Chinese importers, including an independent refinery known as the "Teapot Refinery," accused of purchasing more than $1 billion of Iranian crude oil. These sanctions, aimed at reducing Iran's oil exports to zero, led to a nearly 2% rise in oil prices, with Brent crude hitting a two-week high. However, progress in nuclear talks between the United States and Iran raised concerns about a potential supply glut, leading to a more than 2% drop in oil prices on April 21. |
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Oil prices are also affected by geopolitical tensions, including US sanctions on Venezuela. The US imposed a 25% tariff on countries importing Venezuelan oil, further complicating the global energy landscape.
In this context, the oil market remains volatile, with the impact of sanctions and geopolitical tensions on the one hand, and progress in nuclear talks on the other.